Get a copy of your credit report. Get prequalified before house hunting. Know your down payment options. Explore neighborhoods. Hire an experienced real estate agent. Budget for all homeownership costs. Know your debt-to-income ratio. Explore first-time homebuyer programs. Know the types of loans available. So if your home has a higher appraised value and you have a small mortgage, you might qualify for more funds. Home Equity Conversion Mortgages (HECMs) are federally-insured reverse mortgages and are backed by the U. S. Department of Housing and Urban Development (HUD). HECM loans can be used for any purpose.