A reverse mortgage is a home loan that allows eligible homeowners to access a portion of their home equity without making required monthly principal and interest mortgage payments. The loan balance generally increases over time as proceeds, interest, and applicable fees are added to the balance.

Yes. You retain ownership and title to your home, just as you would with a traditional mortgage. You are still responsible for meeting the loan requirements, including paying property taxes and homeowners insurance, maintaining the property, and using the home as your principal residence.

Generally, no monthly principal and interest mortgage payments are required while the loan remains in good standing. You must still pay property taxes, homeowners insurance, applicable HOA fees or other property charges, and maintain the home.

For an FHA-insured Home Equity Conversion Mortgage, or HECM, borrowers generally must be 62 or older. We do have options for ages as low as 55. Other eligibility requirements also apply, including requirements related to the property, occupancy, finances, and available home equity.

Potentially, yes. An existing mortgage or other required liens generally must be paid off as part of the reverse mortgage transaction, typically using proceeds from the new loan. Whether enough equity is available depends on your individual circumstances.

The amount available varies based on factors such as your age, home value, existing mortgage balance, current interest rates, and the specific reverse mortgage program. We can review your situation and provide a personalized estimate.

Depending on the reverse mortgage program and loan structure, proceeds may be available through options such as a line of credit, monthly advances, a lump-sum distribution, or a combination of methods. HUD describes HECMs as providing several potential methods of accessing available equity.

A reverse mortgage generally becomes due when the last applicable borrower sells the property, permanently moves out, or no longer uses the home as their principal residence.

Your heirs may generally choose to sell the home and repay the reverse mortgage or keep the home by satisfying the applicable repayment requirements. For an FHA-insured HECM, heirs generally do not have to pay more than the loan balance or 95% of the home's appraised value to retain the property, whichever is less under applicable circumstances.

Yes. The HECM for Purchase program can allow eligible homeowners age 62+ to purchase a new principal residence and obtain a reverse mortgage as part of the same transaction.

Start with a complimentary consultation. We’ll review your goals, property, existing mortgage, and basic eligibility information, explain what options may be available, and answer your questions without obligation.