Can a Reverse Mortgage Help Me Relocate Closer to Family?

Yes, a reverse mortgage—especially a Home Equity Conversion Mortgage (HECM) for Purchase—can absolutely help you relocate closer to family while preserving your financial independence in retirement.

If you’ve been thinking about moving to be nearer to your children, grandchildren, or other loved ones, a reverse mortgage can help make that move possible without having to drain your savings or take on monthly mortgage payments

Here’s how it works:

With a HECM for Purchase, you sell your current home and use a portion of the proceeds—or other assets—to make a down payment on a new primary residence closer to your family. The reverse mortgage covers the rest of the purchase price, and you’re not required to make monthly mortgage payments. You just need to continue paying property taxes, homeowners insurance, and maintain the home.

This offers several key benefits:

• Live near the people who matter most, whether it’s for support, companionship, or help with caregiving.

• Right-size your home to better fit your lifestyle—perhaps a smaller home, single-story layout, or one in a senior-friendly community.

• Free up cash flow by eliminating monthly mortgage payments, giving you more flexibility to enjoy retirement, cover expenses, or travel.

• Preserve your savings and investments, using home equity instead of liquid assets to fund the move.

For many retirees, being close to family adds to their quality of life. A reverse mortgage allows you to make that meaningful move without financial strain, so you can focus on what really matters: spending time with the people you love.

Learn more about eligibility requirements for a reverse mortgage, situations where a reverse mortgage is best used, and common myths around reverse mortgage that we debunk with facts