The HECM for Purchase program was established in 2008. Before it was created a homeowner had to relocate and purchase a home with a traditional mortgage, establish residency, and then refinance the home with a HECM if desired.  This lengthy process would require two sets of closing costs and an extensive waiting period. Since 2008 homeowners do not have to experience the time-consuming process instead, they can purchase a residence using a HECM with only one closing event and no waiting period. read more