Reverse Mortgages for New Home Buyers

Buy a new home in retirement without a mortgage payment.

Chuck Rooney, 75, and his wife, Ellen, 71, originally set out to refinance the mortgage on their home in Decatur, Ga. But after talking with a reverse-mortgage adviser at Security 1 Lending, the couple discovered that if they took a home-equity conversion mortgage (HECM) for purchase, a type of reverse mortgage, they could downsize from their 3,600-square-foot house and buy a new home closer to family without worrying about mortgage payments.

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Patricia Mertz Esswein
Contributing Writer, Kiplinger's Personal Finance
Esswein joined Kiplinger in May 1984 as director of special publications and managing editor of Kiplinger Books. In 2004, she began covering real estate for Kiplinger's Personal Finance, writing about the housing market, buying and selling a home, getting a mortgage, and home improvement. Prior to joining Kiplinger, Esswein wrote and edited for Empire Sports, a monthly magazine covering sports and recreation in upstate New York. She holds a BA degree from Gustavus Adolphus College, in St. Peter, Minn., and an MA in magazine journalism from the S.I. Newhouse School at Syracuse University.