Home For Life Reverse Mortgage Inc.

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Discover HECM for Purchase:

A Smart Move for Seniors 62+

Looking to buy a new home and enjoy retirement on your terms? The Home Equity Conversion Mortgage (HECM) for Purchase program makes it possible for seniors aged 62 and older to purchase a new primary residence using a reverse mortgage.

This program simplifies the home-buying process for retirees by consolidating transactions—saving you from paying two rounds of closing costs. Established under the Housing and Economic Recovery Act of 2008, HECM for Purchase launched in 2009 and offers older adults more flexibility when choosing where and how they want to live.

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How It Works

HECM for Purchase allows you to use the proceeds from a reverse mortgage to finance a new home. You’re not required to make monthly mortgage payments, and you retain ownership of the property as long as you meet basic loan obligations like paying property taxes and maintaining the home.

Key Criteria:

  • Purchase an existing 1- to 4-unit home
  • Must be your primary residence
  • Occupy the home within 60 days of closing
  • Provide a monetary investment at closing
  • No additional liens allowed after closing
  • New construction homes must have a Certificate of Occupancy

HECM for Purchase lets you do all this while preserving cash savings and eliminating future mortgage payments.

Get In Touch
Barbara R
Florida
This was the best thing I ever did. Dealing with Todd Woodcock was wonderful; he walked me through it and gave me lots of information. Questions were answered anytime with no pressure. I contacted my Financial Advisor and with counsellors they help you to know if it's right for you. And that you understand it all. Now, no more worries about taxes and insurance.
I HIGHLY RECOMEND TODD WOODCOCK. HAVE PEACE OF MIND NOW!
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Johanna E
Florida
Todd was professional, communicative, and an expert in this field. He did an amazing job and made the reverse mortgage process a pleasurable experience.
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Missy G
Florida
Todd went above and beyond to assistant my parents with their reverse mortgage. He was patient and explained the process from beginning to end. I'd recommend Todd to anyone exploring the possibility of a reverse mortgage. Definite 5 star experience.
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Susan G
Florida
If you are considering a reverse mortgage, then look no further than Todd Woodcock, certified reverse mortgage professional! He is extremely knowledgeable, explains everything carefully and thoroughly, is very prompt with responses and answers all your questions! He makes his clients his #1 priority! I recommend him highly. In fact, I run a lifelong learning center in Florida, and I am bringing him to my school to give a workshop on reverse mortgages.
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Benefits of a HECM for Purchase Loan

  • Reduce Monthly Expenses: No monthly mortgage payments required.
  • Make Lifestyle Changes: Move closer to family, downsize to a manageable space—or upsize to your dream home.
  • One-Time Closing Costs: Avoid the expense of getting a traditional mortgage and reverse mortgage separately.
  • Aging in Place: Choose a home better suited for retirement living.

Property Eligibility

Eligible:

  • Standard residential homes that meet FHA requirements

Ineligible:

  • Co-ops

  • Certain manufactured homes

  • Commercial-use properties like boarding houses or B&Bs

Professional Home Inspection: Highly Recommended

While not mandatory, a professional home inspection helps identify:

Structural and safety issues

Repairs needed before closing

Lifespan of major home systems

This gives peace of mind and helps with negotiation during the offer process.

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