What is a HECM for Purchase and can I use it to buy a home in Washington?

A HECM for Purchase allows buyers 62 and older in Washington to buy a new primary residence using reverse mortgage financing — combining the down payment with the reverse mortgage proceeds so no monthly mortgage payment is required on the new home. It's commonly used for downsizing, relocating within Washington, or moving closer to family. The buyer pays a portion of the purchase price (typically 40–60% depending on age and rates), the HECM funds the rest, and no monthly payment is owed going forward as long as the home remains your primary residence.