You don’t make monthly mortgage payments, thus increasing the amount of your monthly cash flow! That’s more money to do what you love with the people you love.
Neither your estate nor your heirs are personally liable to cover the difference if your home is sold at a loss if, at the time of your passing, your loan balance is greater than the value of your home.
Qualifications for an HECM for Purchase:
Live in the new home as your principal residence and keep up with property maintenance
Own your current home outright or have paid down a considerable amount
Not be delinquent on any federal debt
Stay current on paying your property taxes, required insurance, and any homeowners’ fees
Have a minimum of 40% as a down payment on the home, the percentage of which is determined by your age. The older you are, the less you have to put down.