HECM for Purchase Now Available
As of January 1st, HUD will allow a reverse mortgage to be used as a means to purchase a home. The qualifications are similar to a conventional reverse mortgage in some ways (must be the primary residence, must be over 62, for instance) but also has some differences. For more information you can read
HUD Mortgagee Letter 2008-33 or go to their website http://www.hud.gov/offices/hsg/sfh/hecm/faqs_hecm.cfm.