A reverse mortgage — formally a Home Equity Conversion Mortgage, or HECM — is insured by the Federal Housing Administration and available to homeowners aged 62 and older. Instead of making monthly mortgage payments, the lender pays you, drawing on the equity you have built up. The loan comes due when you sell, move out or pass away.
You do not make a monthly principal and interest payment. Property taxes, insurance and upkeep remain your responsibility.
Federally insured
The HECM program is insured by FHA, so you can never owe more than the home is worth at the time the loan is repaid.
Multiple payout options
Receive the funds as a lump sum, a line of credit, monthly payments or a combination.
You stay in your home
The loan does not come due as long as you live in the home as your primary residence and meet the loan terms.
Step by step
How it runs, start to close
1
HUD counseling
Federal rules require you to speak with an independent HUD-approved counselor before applying. We help you schedule it.
2
Application and appraisal
Your age, the home's value and current interest rates determine how much equity you can access.
3
Underwriting
Credit and property reviewed, title cleared and disclosures delivered.
4
Closing and funding
You choose how to receive the proceeds. The three-day right of rescission applies.
Is it the right fit?
The fifteen-minute call that settles it
A federally insured loan that lets homeowners 62 and older convert part of their home equity into funds they do not have to repay while they live in the home.
Whether it is the right program depends on your credit, your savings and the
property. We run it against the alternatives with your real numbers, and if another
program suits you better, we say so.
Homeowners aged 62 or older who live in the home as their primary residence. The home must meet FHA property standards.
Do I still own the home?
Yes. You keep the title and you can sell or refinance whenever you choose. The lender has a lien, just like a regular mortgage.
What happens when I pass away?
Your heirs can sell the home and keep any equity above the loan balance, or refinance into a traditional mortgage. FHA insurance means they will never owe more than the home is worth.
Can I outlive the loan?
Yes. As long as you live in the home and meet the loan terms, the reverse mortgage continues regardless of how much has been paid out.
Are reverse mortgages only for people in financial difficulty?
No. Many borrowers use them as a retirement planning tool to eliminate a monthly payment, fund home improvements, or create a standby line of credit.
What are the costs?
Reverse mortgages have an upfront mortgage insurance premium, origination fee and standard closing costs. We go through every figure before you apply so there are no surprises.
Purchase · Refinance · Pre-approval
Know what you can borrow before you fall for a house
Start the secure application online, or call the office and talk it through first. Either way you get a real answer, not a range.
