A HECM (Home Equity Conversion Mortgage) for Purchase allows seniors, age 62 or older, to purchase a new principal residence using loan proceeds from a reverse mortgage. By combining the proceeds of the reverse mortgage with a down payment (proceeds from the sale of their existing home, savings or other assets), the program allows seniors to purchase a new home with no monthly mortgage payment. The program was designed in part to enable senior homeowners to relocate to other geographical areas to be closer to family members or downsize to homes that meet their physical needs.