Home / Loan Options / Reverse Mortgage
Homeowners 62+Put your home equity
to work in retirement.
A reverse mortgage turns part of your equity into cash, monthly income, or a line of credit, with no monthly mortgage payment required. You keep the title and stay in your home.
Estimate what your equity could provide.
Estimates come from a third-party calculator provided by one of our wholesale lending partners and are for illustration only. Your actual amount depends on the youngest borrower's age, your home's appraised value, current rates and fees, and program rules. Not a loan offer or commitment to lend.
How a reverse mortgage comes together.
Free consult
We talk through your goals, your home, and whether a reverse mortgage is the right fit, or if something else costs less.
HUD counseling
You meet with an independent, HUD-approved counselor. It's required for a HECM and it's there to protect you.
Appraisal & review
An appraisal sets the home's value, and the lender reviews your finances to confirm you can keep up taxes and insurance.
Close & choose
Sign, then receive funds the way that suits you: lump sum, monthly payments, a line of credit, or a mix.
The FHA-insured reverse mortgage.
Most reverse mortgages are Home Equity Conversion Mortgages (HECMs), insured by the Federal Housing Administration. Instead of making a monthly payment, interest and fees are added to the balance, and the loan is repaid when the last borrower sells, moves out, or passes away.
It isn't free money. The balance grows over time, and you still pay property taxes, homeowners insurance, and upkeep. What you get in return: no required mortgage payment, a non-recourse loan your heirs will never owe more on than the home is worth, and flexible ways to receive the funds.
Outside the HECM box?
If your home is worth more than the FHA lending limit, or doesn't meet FHA property rules, private reverse mortgage options may still work. They aren't FHA-insured, so terms differ, and we'll lay out the trade-offs side by side.
Want the full picture first? Read our plain-English guide,How a Reverse Mortgage Actually Works.
What homeowners ask us most.
Who qualifies for a reverse mortgage?
For an FHA-insured reverse mortgage (HECM), the youngest borrower must be at least 62, the home must be your primary residence, and you need meaningful equity. Lenders also review your income, credit, and property charge history to confirm you can keep paying property taxes, homeowners insurance, and upkeep.
Do I still own my home?
Yes. You keep the title. The lender holds a lien, just like a traditional mortgage. You stay responsible for property taxes, homeowners insurance, any HOA dues, and maintaining the home. Falling behind on those can put the loan in default.
Do I have to make monthly payments?
No monthly mortgage payment is required. Interest and fees are added to the loan balance instead, so the balance grows over time. You can choose to make payments if you want to slow that growth. Property taxes, insurance, and upkeep are still your responsibility.
When does the loan have to be repaid?
The loan comes due when the last borrower sells the home, moves out permanently, or passes away. It can also come due if property taxes, insurance, or upkeep are not kept up. Most loans are repaid by selling the home.
What happens to my heirs?
Your heirs can sell the home and keep any equity left after the loan is repaid, or pay off the loan and keep the home. A HECM is non-recourse: neither you nor your heirs will owe more than the home is worth when it is sold, and FHA insurance covers any shortfall.
How can I receive the money?
Depending on the program, you can take a lump sum, fixed monthly payments, a line of credit you draw from as needed, or a combination. If you have an existing mortgage, it is paid off first from the loan proceeds.
What if my home doesn't fit the HECM rules?
HECMs have an FHA lending limit and property rules. If your home is worth more than that limit, or the property type doesn't meet FHA guidelines, private (non-FHA) reverse mortgages may be an option. They are not FHA-insured, so their terms and protections differ. We'll walk you through what fits.
Will a reverse mortgage affect Social Security or Medicare?
Reverse mortgage proceeds are loan funds, so they generally aren't treated as taxable income and usually don't affect Social Security or Medicare. They can affect needs-based benefits such as Medicaid or SSI. Talk with a benefits or tax advisor about your situation.
Why is counseling required?
Before applying for a HECM, you must meet with an independent, HUD-approved housing counselor. The session covers costs, obligations, and alternatives so you can make an informed decision. We'll help you find a counselor.
Michael Kerby
Founder & President · NMLS #1163561
A decade-plus of mortgage leadership, focused on communication and on-time closings.
Let's see if it fits.
A no-pressure conversation about your home, your goals, and every option, including the ones that aren't a reverse mortgage.
Reverse mortgages are available in select states; ask us about yours. These materials are not from HUD or FHA and were not approved by HUD or any government agency. Not a commitment to lend. All loans subject to credit approval. NMLS #2381991.