HUD (US Department of Housing & Urban Development)

The Home Equity Conversion Mortgage (HECM) is FHA's reverse mortgage program, administered by HUD, that enables you to withdraw some of the equity in your home with limitations or a single disbursement lump-sum payment at the time of mortgage closing.

You can also use a HECM to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing.

http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/hecm/hecmabou

HUD (US Department of Housing & Urban Development)