We were renting our 4BR home for $1350 before we decided to buy it directly from the owner last 2013. The property was free and clear and in great shape with lots of improvement. At first I had doubts on my skimpy knowledge of HECM For Purchase but with Maggie's expert assistance on one hand and a great escrow officer on the other I gave it a shot. Once we agreed on the price the process went surprisingly quick despite our seller being out of state. We did everything via FedEx. We closed escrow in less than a month. Had we kept on renting we would have shelled out $48K by now. That's about how much down payment we paid, so it is all gravy hereon. Life is so much easier without mortgage payments! RLR Las Vegas.