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Buy your next home with no monthly payment
HECM for Purchase in Georgia, often called H4P, lets a buyer 62 or older use an FHA-insured reverse mortgage to buy their next primary home. A large down payment from your current sale covers part, the reverse mortgage covers the rest.
It is a real tool for the right downsizer and a loan against your equity with serious strings. Federal rules require HUD counseling before you can close.
How it works and who qualifies
- Buyer age 62 or older
- Down payment roughly 45% to 62%
- Older buyers put down less
- No monthly mortgage payment to make
- You still pay taxes, insurance, upkeep
- The balance grows year over year
- HUD counseling required before closing
The honest cautions
A HECM is not free money. Costs run higher than a normal mortgage, the balance grows, and it cuts what you leave heirs. If a paid-off home for your children is the priority, this is the wrong tool.
It fits best when you want a cash cushion and no monthly payment. Simpler paths often win: sell and buy with cash, sell and rent, or a small conventional loan.
No monthly payment, but you bring a large down payment. There is no universal right answer here.
Southlake Mall and the Tara Boulevard retail corridor
Local restaurants and cafes across Clayton County
Parks, golf, and community recreation nearby
Clayton County International Park and area trails
