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Reverse Mortgages Explained:

A Complete Guide for Homeowners 62 and Older

A reverse mortgage is a powerful financial tool that allows homeowners aged 62 and older to access a portion of their home equity to use as tax free cash, while continuing to live in their home. Whether you’re looking to supplement retirement income, cover medical expenses, or gain financial flexibility, understanding how a reverse mortgage works can help you make a confident, informed decision.

What is a Reverse Mortgage?

A reverse mortgage is a type of home loan that enables homeowners 62 and older to convert a portion of their home equity into tax-free cash. Unlike traditional mortgages, where borrowers make monthly payments to a lender, reverse mortgages allow eligible homeowners to receive payments from the lender instead. The loan is repaid when the homeowner sells the home, moves from the property permanently, or passes away.

Types of Reverse Mortgages

Home Equity Conversion Mortgage (HECM)

The most common type, insured by the Federal Housing Administration (FHA).

Proprietary Reverse Mortgage

Private loans designed for higher-value homes.2M+

Purchase a Home with a Reverse

Putting down a larger down payment,  no required monthly mortgage payments are due going forward

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Who Qualifies for a Reverse Mortgage?

To be eligible, you must:

  • Be at least 62* years old
  • Live in the home as your primary residence
  • Own the home outright or have a low mortgage balance
  • Stay current on property taxes, insurance, and maintenance
  • Complete a HUD-approved counseling session

The Benefits of a Reverse Mortgages

  • Supplement Retirement Income
    Turn home equity into cash flow
  • No Monthly Mortgage Payments
    Keep more of your monthly income
  • Flexible Payout Options
    Choose a lump sum, monthly payouts, or a line of credit
  • Non-Recourse Loan
    You or your heirs never owe more than the home’s value
  • Tax-Free Funds
    Generally not considered taxable income

Common Myths & Misconceptions

"The bank owns my home."

False. You remain the homeowner and keep the title in your name.

"My heirs will inherit debt."

False. Reverse mortgages are non-recourse loans, so heirs aren’t personally responsible for any shortfall.

"Reverse mortgages are a last resort."

False. Many financially stable homeowners use them to preserve other assets.

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How the Reverse Mortgage Process Works

Step 1
Step 2
Step 3
Step 4
Step 5
Step 6

Initial Consultation

Talk to a reverse mortgage expert to explore your options

HUD Counseling

Complete your mandatory, unbiased education session

Application & Appraisal

Submit your application and get your home appraised

Approval & Closing

Review loan terms, sign documents, and close

Receive Funds

Choose your preferred payout method

Repayment

The loan is repaid when the home is sold or the borrower no longer lives there

 

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Frequently Asked Questions

Q: Can I lose my home with a reverse mortgage?

A: Not if you meet loan obligations like paying taxes and insurance and maintaining the home.

Q: How much can I borrow?

A: It depends on your age, home value, interest rates, and loan type.

Q: What happens when I pass away?

A: Your heirs can sell the home, repay the loan, or refinance if they wish to keep it.

Are you ready to see if a Reverse Mortgage is right for You?

Find out how much equity you can unlock with a reverse mortgage. Our team is here to walk you through it—no pressure, just clear answers.

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