FHA defines “HECM for Purchase” as a real estate purchase where:
- Title to the property is transferred to the HECM mortgagor;
- The mortgagor will occupy the property as a principal residence; and
- The HECM first and second lien will be the only liens against the property at the time of closing.
For additional information see Federal Register 24 CFR §206.45 at: https://www.govinfo.gov/content/pkg/FR-2017-01-19/pdf/2017-01044.pdf