Can I buy a new home in Seattle with a reverse mortgage?

Yes — through the HECM for Purchase program. Washington buyers 62 and older can use a reverse mortgage to purchase a new primary residence with no monthly mortgage payment going forward. Here's how it works: you bring a down payment (typically 45-60% of the purchase price, depending on your age and current rates), the reverse mortgage finances the balance, and you own the new home outright on title with a reverse mortgage lien. From day one you have no monthly mortgage payment. This is a powerful tool for downsizing (selling a $1.2M Seattle home, putting $500K down on a $700K Bellevue condo, and pocketing the rest), relocating closer to family or healthcare, or moving from a high-maintenance home to a single-level property without depleting your retirement savings on the new purchase. The same age, occupancy, and property requirements as a standard reverse mortgage apply.