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Home Keeper for Home Purchase

If you currently own your home free and clear of any mortgage debt, the Home Keeper® for Home Purchase mortgage helps you buy a new house that better fits your needs. You make a small down payment with your own money and receive a reverse mortgage loan for the rest of the purchase price. There are no income or credit requirements. You and any of your co-borrowers must be at least 62 years old.


Key Features

  • No borrower income limits and no credit requirements mean you may qualify for a higher-priced home. Loan qualification is based on your age and the value of the home you want to buy.
  • You can lower your down payment and keep more of your cash by choosing to use all or part of the loan proceeds toward your home purchase.
  • Repayment is not due as long as you occupy the home.
  • There are no monthly payments.
  • Your loan funds do not affect Social Security or Medicare benefits. (If you receive Supplemental Security Income or Medicaid, these benefits may be affected.)
  • You do not pay back the loan until you sell your home, no longer use it for your primary residence, or pass away. Then, you or your estate will repay the cash you received from the Home Keeper for Home Purchase mortgage, plus interest and other finance charges, to the lender. This means that any remaining equity in your home can be passed on to your heirs through the sale of the property.
  • You will never owe more than the value of the home at the time of repayment, even if the loan balance exceeds the value of your property. This means no debt will ever be passed along to your estate or your heirs.
  • At loan application, you must verify that you have the required funds for a down payment. This money can come from your savings, investments, or the sale of your current home.
  • At the loan closing, you will need to show that you have title insurance and that a title search has been performed.
  • The amount of money you get from a Home Keeper for Home Purchase loan depends on your age, the number of borrowers and the appraised value of your home.
  • You must keep applicable taxes and hazard insurance current, as well as maintain your home in good repair. The loan may become due and payable if you fail to pay property taxes and insurance or if you do not maintain your property.
  • You must attend reverse mortgage counseling that explains your Home Keeper for Home Purchase financing options.

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