Yes seniors may purchase a home and have no monthly mortgage payment. This is possible with a reverse mortgage (also known as a Home Equity Conversation Mortgage (HECM)) Here is an example for a 69 year old buying a home.
Purchase Price = 200,000
Amount of FHA reverse mortgage = $132,600
Funds needed a closing = $68,000
Monthly Mortgage Payment = $0.00
Assumes the seller will pay all closing costs on a fixed rate reverse mortgage. For more information on a reverse mortgage call (804) 433-1510 or click here.