With a traditional reverse mortgage, anyone 62 or older can tap home equity for income. A relatively new alternative, a home-equity conversion mortgage (HECM) for purchase, can allow you to buy a new home without a mortgage payment. The new home must be your primary residence, but if you have the case to make a down payment equal to about half of the home’s price, you can use the proceeds from the reverse mortgage for the rest. Lenders will determine the maximum amount for which you’ll qualify based on the price of the house, the ages of you and your spouse, and prevailing interest rates. With current rates, the HECM for purchase will pay for roughly half of the purchase price of the home for a 62 year old.