Loan Programs
Reverse Mortgage
For homeowners 62 and older. Access your home equity as tax-free cash — no monthly mortgage payments required, and you keep the title to your home.
What is a reverse mortgage?
A reverse mortgage — most commonly a Home Equity Conversion Mortgage (HECM), which is FHA-insured — lets eligible homeowners convert a portion of their home equity into cash, a line of credit, or monthly payments. Unlike a traditional mortgage, no monthly repayment is required as long as the home remains your primary residence and you keep up with property taxes, insurance, and maintenance.
The loan is repaid when the last borrower permanently leaves the home — typically through a sale of the property. Because HECMs are non-recourse loans, you or your heirs will never owe more than the home is worth at the time of sale.
At a glance
- ✓Minimum age: 62 for all borrowers on title
- ✓Home must be your primary residence
- ✓No monthly mortgage payments required
- ✓Non-recourse: you'll never owe more than the home value
- ✓FHA-insured (HECM) — regulated and consumer-protected
- ✓Proceeds are generally tax-free (consult your tax advisor)
- ✓Maintain home, pay taxes & insurance — that's it
Common misconceptions
"The bank takes my home."
You remain the owner. The title stays in your name throughout the loan. The lender holds a lien — the same as any mortgage.
"My heirs will be stuck with debt."
HECMs are non-recourse. If the loan balance exceeds the home's value when sold, FHA insurance covers the difference. Heirs are never personally liable.
"I have to take a lump sum."
You can receive proceeds as a lump sum, a line of credit, monthly payments, or any combination — whichever fits your financial plan.
"I won't qualify if I still have a mortgage."
You can still qualify. The reverse mortgage proceeds must first pay off any existing mortgage balance, and the remainder is yours to use.
Is a reverse mortgage right for you?
A reverse mortgage works well for homeowners who have substantial equity, plan to stay in their home long-term, and want to supplement retirement income or eliminate monthly mortgage payments. It's not ideal if you plan to move in the near future or if preserving maximum equity for heirs is the priority.
HUD requires all HECM applicants to complete independent counseling with a HUD-approved housing counselor before proceeding. I'll help you find an approved counselor and walk you through the numbers so you can make an informed decision.
Let's see what your home equity could do for you.
Get in touch for a no-obligation conversation about whether a reverse mortgage fits your retirement plan.