For many owners 62 and older, the biggest worry about moving is, “I don’t want another mortgage payment.”

A Home Equity Conversion Mortgage (HECM) for Purchase is a special type of FHA‑insured reverse mortgage that can, in some situations, help you buy your next home without a required monthly mortgage payment—while still keeping you on title.

This guide explains the basics in plain language so you can decide whether it’s worth a deeper conversation with a qualified reverse‑mortgage lender and your financial advisor.

What this guide covers:
– Who HECM for Purchase is generally designed for (age 62+, primary residence, specific property types)
– How the structure typically works: using sale proceeds and a HECM loan together to buy the next home
– What you still have to pay: property taxes, insurance, HOA dues, maintenance
– How repayment usually works (when you move, sell, or pass away)
– Key pros, cons, and “red flag” questions to ask a lender and your advisor before moving forward

This is not a sales brochure or a substitute for legal, tax, or loan advice. It’s a starting point so you can understand the moving pieces and decide whether this tool belongs in your downsizing conversation at all.