Seniors! Buy a new home with no monthly mortgage payments. HUD insured and AARP approved. In 2008, in the aftermath of the subprime meltdown and the bank bailouts, Congress passed the Housing Economic Recovery Act (HERA) that provided a real estate purchase option for those over 62. You can now utilize the equity in your home to down size, purchase rental property or relocate to an area closer to friends and family without the requirements of current employment or a credit score. With this program you will never be responsible for a mortgage payment as long as you live in the home. You can use the equity in your home that is now dormant to make the plans of yesterday a present reality.