Yes, you can buy a house with a reverse mortgage using a Home Equity Conversion Mortgage (HECM) for Purchase loan, but it's a specific product for seniors 62 and older to buy a new primary residence. You will need to make a significant down payment from your own funds and then use the reverse mortgage to cover the remaining cost. You must also continue to pay property taxes, homeowners insurance, and HOA fees, as these are ongoing obligations of the loan. 

Another big downside to reverse mortgages is the loss of home equity. Because you're not paying down your reverse mortgage balance, your debt keeps going up because interest is added to your balance every month. That means you'll make less profit when you sell, or limit your borrowing power if you need a new loan

You can stay in your home with a reverse mortgage for as long as it remains your primary residence, but you must meet certain loan responsibilities, including paying property taxes and homeowners insurance, and keeping the home in good condition. Failure to do so, or if the home is no longer your principal residence, can cause the loan to become due and payable, potentially leading to foreclosure. 

If you decide to sell your home while you have a reverse mortgage loan, you will have to pay back the money you borrowed plus interest and fees. If your loan balance is less than the amount you sell your home for, then you keep the difference.

Many seniors experience a significant income reduction when they retire. A reverse mortgage allows you to supplement that diminished income without digging into savings. You don't have to make monthly payments, either, which could help free up room in your monthly budget.

When you take out a reverse mortgage loan, the title to your home remains with you.

Home equity loans and HELOCs are harder to be approved for than a reverse mortgage, but they have fewer risks, lower costs, and more tax advantages. In addition, they don't have age requirements and require less home equity.

Most reverse mortgages are HECMs, insured by the government. Borrowers must stay current with property taxes, insurance, and maintenance. Defaulting can lead to having to repay the loan or lose the house.

Yes, you can inherit a house with a reverse mortgage, but you must decide whether to pay off the loan balance or turn the house over to the lender. As an heir, you are not personally responsible for the debt if the home's value doesn't cover the loan balance, as the Federal Housing Administration (FHA) insurance for the reverse mortgage will cover the difference. However, to keep the home, you must repay the loan, typically by paying the full loan balance or 95% of the home's appraised value, whichever is less. 

If you're looking to relocate in the next few years, it might not be wise to saddle yourself with a reverse mortgage, especially with all the upfront costs. You can't handle the costs. Closing costs, maintenance expenses, homeowners insurance and property tax bills could strain your already stretched budget.