HUD-Approved Counseling
Before anything else, you meet with an independent HUD-approved counselor so you fully understand how a reverse mortgage works and whether it fits.
Reverse Mortgage
Reverse Mortgages, Explained Clearly
For homeowners 62 and older, and in some cases 55 and older, a reverse mortgage turns home equity into funds you can use now, without a required monthly mortgage payment. See how a HECM works, who qualifies, and how it protects you.
62+ (HECM) / 55+ (Proprietary)
HECM Eligibility
What It Is
Turn Home Equity Into Cash: No Monthly Payment Required
A reverse mortgage lets homeowners 62 and older convert part of their home equity into funds they can use now, while continuing to live in the home. The most common type, the HECM, is insured by the FHA and comes with strong borrower protections.
- A Home Equity Conversion Mortgage (HECM) is the only reverse mortgage insured by the federal government (FHA)
- Available to homeowners age 62 and older on their primary residence
- No required monthly mortgage payment. Proceeds are generally not considered taxable income. Consult a tax advisor for your situation.
- You keep the title to your home
- Repaid when the home is sold or is no longer your primary residence
Step by Step
How a Reverse Mortgage Works
From your first conversation to receiving funds, here is what the process looks like, with required counseling built in to protect you.
01 02 Application & Appraisal
We complete your application and order an FHA appraisal to confirm the home’s value and that it meets property standards.
03 Financial Assessment
HUD requires a review of your residual income and payment history - there is no minimum credit score - to confirm you can keep up with taxes, insurance, and upkeep.
04 Underwriting and Closing
Your loan is underwritten and you sign at closing. Any existing mortgage is paid off first from the proceeds.
05 Receive Your Funds
After a short right-of-rescission period, you access your money the way you chose - line of credit, monthly payments, lump sum, or a combination.
Who Qualifies
Reverse Mortgage Eligibility
Qualifying is based more on age and equity than on income or credit. Here is what HUD looks for before you move forward.
- At least one borrower must be 62 or older (a younger spouse can be an eligible non-borrowing spouse)
- The home must be your primary residence and meet FHA property standards
- You need enough equity to pay off any existing mortgage at closing
- HUD-approved counseling is required before you apply
- No minimum credit score - HUD reviews residual income and recent payment history
- You remain responsible for property taxes, homeowners insurance, and upkeep
For 2026, the FHA HECM maximum claim amount is $1,249,125. Proprietary reverse mortgage products are available for higher-value homes and in some cases for homeowners as young as 55. Ask your loan officer what options may be available for your situation.
Peace of Mind
Built-In Borrower Protections
Non-Recourse Loan
You - or your heirs - will never owe more than the home’s appraised value when the loan comes due, even if the balance grows beyond it.
Options for Your Heirs
Heirs are not personally liable. They can sell the home, refinance to keep it, or satisfy the loan by paying 95% of the appraised value.
FHA-Insured
A HECM is backed by FHA insurance - including your line of credit - so your available funds remain accessible even if a lender changes hands.
When It Fits
Common Reasons Homeowners Choose a Reverse Mortgage
Supplement Retirement Income
Turn equity into reliable funds for everyday expenses - so you don’t have to sell investments in a down market.
Eliminate Your Mortgage Payment
Pay off an existing mortgage with the proceeds and free up monthly cash flow for the things that matter.
Cover Healthcare or In-Home Care
Help with medical bills, long-term care, or support for a loved one while staying in the home you know.
Age in Place Comfortably
Fund updates like a step-in shower, ramps, or a first-floor suite so your home keeps pace with your needs.
An Honest Look
Things to Weigh
A reverse mortgage is a powerful tool, but it isn’t right for everyone. We’ll walk through the trade-offs so your decision is fully informed.
- Upfront and ongoing costs apply. Origination is capped at $6,000, plus FHA mortgage insurance and standard closing costs
- Your home equity decreases over time as the loan balance and interest grow
- Proceeds may affect eligibility for needs-based benefits like Medicaid. Social Security and Medicare are not affected.
- You must keep taxes, insurance, and maintenance current to keep the loan in good standing
Flexible by Design
Ways to Receive Your Money
One of the biggest advantages of a HECM is choice. Take your proceeds the way that fits your goals - and adjust as your needs change.
Line of Credit
Draw only what you need, when you need it. The unused portion of a HECM line of credit grows over time, giving you a flexible cushion.
Monthly Payments
Receive steady term or tenure payments to supplement retirement income for a set number of years - or for as long as you live in the home.
Lump Sum
Take a one-time, fixed-rate draw at closing - useful for paying off an existing mortgage or covering a large, planned expense.
A Combination
Mix and match - some cash up front, a line of credit for later, and/or monthly payments - to fit how you actually want to use your equity.
HECM for Purchase
Buy a home that fits this chapter - closer to family or easier to maintain - using a reverse mortgage, with no required monthly payment.
Questions
Reverse Mortgage FAQs
Educational only - not a loan offer. Program terms vary; talk with a loan officer for your file.
Helpful Resources
Guides
Under 55 or prefer to keep your current mortgage? Explore cash-out refinancing to access your home equity.
No Pressure, Ever
Talk to a Reverse Mortgage Specialist
Our specialists will walk you through whether a reverse mortgage fits your goals. No obligation, plain language, and HUD-approved counseling built into the process.