Downsizing? Alternative to mortgage payments

Many seniors look to pay cash for the home they need - a ranch, energy efficient, close to family or doctor. Often they use all the proceeds from the sale of their home to purchase that new home. It often leaves them with little or no liquid assets in case of an emergency, then sends them scrambling for a credit line during the crisis. A safer way may be a HECM for Purchase - that is a reverse mortgage for purchase, a FHA loan program designed specifically for home buyer/owners age 62+. It still requires a significant down payment (35-45%), but it does give the elderly buyer an option of how much they want to bring to close, and how much to keep liquid. The credit requirements are minimal, no debt-income ratios to qualify.