This used to be true, but in 2009 the HECM (Home Equity Conversion Mortgage) insured by FHA was approved to be used for purchases...
This allows seniors to downsize without having to utilize all of the proceeds from the sale of their previous home and still have a home with no monthly mortgage payments.
Another option this is being used for is for seniors who have enough savings that they can buy a home with 40-50%+ down and get a Reverse Mortgage for the difference, having no monthly mortgage payments. This can also come into play if the senior wants to keep their existing home as a rental.
Helping Senior homeowners to stay at home and maintain a good quality of life
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