A specialty loan for homeowners 62+ that converts home equity into income or a line of credit.
Overview
A reverse mortgage — most commonly the FHA-insured Home Equity Conversion Mortgage (HECM) — lets homeowners 62 and older borrow against their home equity without making monthly payments. The loan accrues interest over time and is repaid when the borrower sells, moves out permanently, or passes away.
Reverse mortgages can be structured as a lump sum, a monthly tenure payment, a line of credit, or a combination. They're useful retirement-planning tools when used carefully, and HUD-required counseling is part of the qualification process. I work with reverse mortgage specialists to make sure clients fully understand both the benefits and the long-term implications.
Who it's for
What's typically reviewed
This is a general description, not a guarantee of approval. Specific requirements vary by lender and program. Final qualification is determined during underwriting.
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