Realtors® - Help Your Senior Clients with a HECM for Purchase

"Linda was great in the whole process of reverse mortgage and the client was very happy." ~ Wing L. Real Estate Broker

As a real estate agent, you’ve probably worked with senior clients who want to downsize, relocate closer to family, or move into a more manageable home—but face challenges when it comes to financing the purchase. Many seniors are on fixed incomes or have limited cash flow, making it difficult to qualify for a traditional mortgage or afford the monthly payments that come with it.

That’s where a HECM for Purchase (Home Equity Conversion Mortgage for Purchase) comes in. A HECM for Purchase allows seniors aged 62 and older to buy a new home using a reverse mortgage—without the burden of monthly mortgage payments. It’s a powerful option that can help you better serve your senior clients and close more deals with confidence.

Linda Weilert is an expert in HECM for Purchase and has worked with real estate agents for years to help seniors navigate this unique financing option. Let’s walk through how it works and how it can benefit both you and your clients.

What is a HECM for Purchase?

A HECM for Purchase is a government-insured reverse mortgage that allows seniors to use the equity from the sale of their current home—or other savings—to purchase a new home. The key difference from a traditional mortgage is that there are no monthly mortgage payments required. The loan is repaid when the homeowner sells the home, moves out permanently, or passes away.

Here’s how it works:

• The buyer makes a substantial down payment, typically between 40% and 60% of the home’s purchase price, depending on their age and the interest rate.
• The reverse mortgage covers the rest of the purchase price.
• The buyer never has to make monthly mortgage payments—they simply maintain the home and pay property taxes and insurance.
• The loan becomes due when the homeowner moves out, sells the property, or passes away.

Why This Matters for Your Senior Clients

Many seniors want to move but feel stuck because they:

• Can’t qualify for a traditional mortgage on a fixed income
• Don’t want to take on the financial burden of monthly mortgage payments
• Are hesitant to drain their retirement savings to buy a new home outright

A HECM for Purchase solves these problems by allowing seniors to:

• Buy a home that better fits their current needs (e.g., single-story, closer to family, lower maintenance)
• Avoid monthly mortgage payments, freeing up cash for other expenses
• Preserve their retirement savings by using home equity instead of cash to fund the purchase
• Increase their financial security and quality of life in retirement

Example: How a HECM for Purchase Could Work

Let’s say your senior client wants to downsize from a $600,000 home to a $400,000 single-story home in a 55+ community.

• They could sell their current home and use part of the proceeds as a down payment on the new home.
• If they put down $200,000, the reverse mortgage would cover the remaining $200,000.
• They would never have to make a monthly mortgage payment—they just need to maintain the home and keep up with property taxes and insurance.

This option allows them to keep more cash from the sale of their original home in their retirement portfolio while securing a home that better fits their lifestyle and needs.

How HECM for Purchase Benefits You as a Realtor

Helping your senior clients secure a HECM for Purchase can give you a serious edge in the real estate market. Here’s why:

Unlock More Listings – Seniors who thought they couldn’t afford to move may now be able to sell and buy a new home.

Increase Your Pool of Buyers – Many seniors who assumed they were stuck in their current homes might reconsider once they understand how a reverse mortgage works.

Close Deals Faster  – Since HECMs don’t require the same credit and income qualifications as traditional mortgages, the approval process is often smoother and faster.

Create Repeat and Referral Business – Seniors who have a positive experience with you and their reverse mortgage expert (like Linda!) will likely refer you to friends and family.

Why Work with Linda Weilert

Reverse mortgages—and especially HECM for Purchase loans—are highly specialized products. Not every lender has the experience and expertise to guide clients through the process successfully. That’s where Linda comes in.

• Linda has 17 years of experience helping seniors and working alongside real estate agents to successfully close HECM for Purchase loans.

• She has first-hand experience with reverse mortgages from the time her parents received one to help with rising expenses and aging challenges.

• She understands the ins and outs of the process and knows how to handle any challenges that might come up.

• Linda takes the time to educate both the client and the agent, ensuring that everyone feels comfortable and confident every step of the way.

• She’ll work directly with you and your clients to structure the loan, coordinate with the title company, and make sure the process is smooth from start to finish.

Overcoming Common Objections from Seniors

Some seniors may hesitate when they hear the word "reverse mortgage" because of myths and misunderstandings. Here’s how you can reassure them:

💡 “You’ll still own your home.” – A reverse mortgage is a first lien, just like a regular mortgage. The borrower retains full ownership of the home.

💡 “You can still pass the home to your heirs.” – When the loan comes due, heirs can either sell the home to pay off the loan, refinance it, or simply walk away if the home value is less than the loan balance.

💡 “You’ll never owe more than the home is worth.” – HECMs are non-recourse loans, which means the loan is repaid from the sale of the home—and any shortfall is covered by the FHA insurance.

Partner with Linda to Better Serve Your Clients

As a real estate agent, you’re in a unique position to help seniors achieve their homeownership goals without the stress of a traditional mortgage. A HECM for Purchase could be the key to helping your clients unlock new opportunities and greater financial freedom.

Linda Weilert is here to help. With her deep knowledge of reverse mortgages and experience working with real estate agents, she can walk you and your clients through the process with confidence and clarity.

Want to learn more about how a HECM for Purchase can help your clients—and grow your business? Reach out to Linda today and start unlocking new opportunities for your senior clients.