What is a reverse mortgage?
A reverse mortgage is commonly a FHA-insured Home Equity Conversion Mortgage (HECM) for eligible homeowners age 62 and older. It allows you to access a portion of your home equity while deferring repayment of the loan balance under specific program rules.
How proceeds can be structured
- Lump sum
- Line of credit
- Monthly payments
- Or a combination—depending on program and eligibility
Important program characteristics
- No monthly mortgage payments as long as you meet loan obligations (you still pay property taxes, homeowners insurance, HOA fees, and maintain the home).
- FHA insurance provides certain consumer protections for eligible HECM loans.
- Repayment is typically due when the last eligible borrower no longer lives in the home, sells, or passes away (terms apply).
Eligibility basics
- Age 62+ for HECM (non-HECM products may differ).
- Sufficient equity and ability to meet financial assessment requirements.
- Must remain your primary residence.
- Required counseling from a HUD-approved counselor.
Is a reverse mortgage right for you?
It can be a helpful tool for the right household—and a poor fit for others. The best next step is a no-pressure conversation plus required counseling so you understand costs, home equity impact, and alternatives.
Contact us to see what you qualify for
All loans are subject to credit and underwriting approval. Program guidelines, rates, and limits change. This page is for general education and is not a commitment to lend. Ask a licensed loan officer for details that apply to you.