Can I use a reverse mortgage to buy a property?

Yes, you can use a reverse mortgage to buy a property through a specific program called a Home Equity Conversion Mortgage for Purchase (HECM for Purchase). This allows seniors aged 62 and older to purchase a new primary residence using the proceeds from a reverse mortgage. However, the new home must meet certain requirements, and the borrower must still cover costs such as property taxes, insurance, and maintenance. It's essential to consult with a financial advisor to understand all implications before proceeding.