Yes, a home can be purchased with a Reverse Mortgage; known as H4P or HECM for purchase, the down payment is calculated by the borrowers age in the form of a decimal and inputted into an algebraic formula. A borrower who just turn 62 may be required a 50% down payment and a borrower age 62.5 may have to put 49% down compared to a 72 year old borrower with a 39% down payment. Again, your down payment requirement depends on your exact age at the time you complete the application.
I have a wonderful booklet I would love to share with you via email or regular mail. It explains and answers your Reverse Mortgage for Purchase questions in depth; please reach out to me so I can send it out to you right away, my contact information is below. Being a Reverse Mortgage HECM Specialist I have learned that people need ALL the facts upfront and the booklet and/or a phone call to me would be better than a quick reply here to cater it your scenario.
~Quiana M. Williams