Using HECM for Purchase to Move Closer to Family
The Grandkids Are Worth It — and You Can Afford It
JP Dauber · Licensed HECM Specialist
NMLS# 386298 · Published June 12, 2026
Why this is the most common HECM Purchase scenario
Of all the reasons people use HECM for Purchase, moving closer to children and grandchildren is number one. The desire is simple: you want to be part of their daily lives, not someone they visit twice a year. But the logistics of buying a home in retirement — especially in a different city or state — can feel overwhelming.
HECM for Purchase simplifies it. You don't need employment income to qualify. You don't take on monthly payments. And you keep a significant portion of your sale proceeds as cash rather than pouring everything into the new home.
How the numbers work
Moving from Ohio to be near family in Florida
Sell Ohio home (paid off): $280,000
Buy a $350,000 home near the grandkids in Tampa
HECM for Purchase down payment (age 72, ~50%): $175,000
Closing costs (financed into loan): $0 out of pocket
Cash remaining: $105,000
Monthly mortgage payment: $0
Illustrative example. Actual figures depend on age, rates, and property values.
Compare that to paying cash for the Tampa home ($350,000) and having nothing left. Or taking a traditional mortgage and making $2,000+/month payments on a fixed income. HECM for Purchase gives you the best of both worlds.
Tips for a smooth move
Start HUD counseling early
The certificate is valid for 180 days. Get it done before you start house-hunting so there's no delay when you find the right place.
Work with a HECM-experienced real estate agent
HECM for Purchase closings take 45-60 days and have specific requirements. An agent who's done this before will set proper expectations with sellers.
Consider selling first, renting temporarily
This takes the pressure off. Sell your current home, move to a short-term rental near family, and take your time finding the right permanent home.
HECM for Purchase in our states
We help homeowners buy with a reverse mortgage in Arizona, California, Colorado, Florida, Idaho, and Texas. Use our HECM for Purchase calculator to estimate your down payment.
Closer to the people who matter
Moving closer to family is one of the most rewarding decisions you can make in retirement — and HECM for Purchase makes it financially practical. You don't need to choose between being near the grandkids and keeping your savings intact. You can do both.
Thinking about making the move? Run the numbers for the area you're considering, or reach out. I can model the scenario for any home in any state where we're licensed.
Keep reading
The complete guide
HECM for Purchase →
HECM for Purchase Buyer Scenarios: Who Uses It and Why →
Four real-world buyer scenarios — the downsizer, the relocator, the renter, and the strategic planner.
HECM for Purchase Step-by-Step →
Buy a new home with no monthly mortgage payment. The 7-step process explained.
When a Reverse Mortgage Doesn't Make Sense: 7 Situations to Avoid →
A reverse mortgage isn't right for everyone. Here are 7 situations where a HECM may not be your best option.
Working With an Estate Planning Attorney When You Have a Reverse Mortgage →
When to consult an attorney about your HECM, what to ask, and how to protect your heirs.