Reverse mortgages (HECM) for homeowners 62+
Use your home's equity in retirement and stay in your home
An FHA-insured HECM turns part of your equity into cash, with no monthly mortgage payment required. You remain responsible for property taxes, insurance, HOA dues and upkeep.
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How a reverse mortgage can help
Loan proceeds generally aren't considered taxable income — ask your tax advisor how this applies to you.
No monthly mortgage payment
Stay in your home
FHA insured
Non-recourse
Ways to receive funds
- Lump sum
- A single payment at closing.
- Monthly payments
- Steady payments for a set term or as long as you live in the home.
- Line of credit
- Draw funds as needed; the unused portion can grow over time.
- Combination
- Mix options to fit your retirement plan.
Eligibility
HUD-approved counseling is required before you apply.
- At least 62 years old (a younger spouse may be an eligible non-borrowing spouse)
- Own your home outright or have enough equity to pay off any existing mortgage
- The home must be your primary residence
- Complete a HUD-approved counseling session
- The property meets FHA standards (single-family, eligible condo, 2–4 unit)
- Able to keep paying property taxes, insurance and HOA dues
Reverse mortgage questions
A reverse mortgage (HECM) lets homeowners 62 and older convert home equity into cash without selling. No monthly mortgage payment is required — instead, you can receive funds as a lump sum, monthly payments, a line of credit or a combination. You remain responsible for property taxes, homeowners insurance, any HOA dues and upkeep. The loan is repaid when you sell, move out permanently or the last borrower passes away, and it can become due sooner if those obligations aren't met.
You must be 62 or older, own your home outright or have enough equity that the reverse mortgage can pay off any existing mortgage, live in the home as your primary residence, not be delinquent on federal debt, and complete HUD-approved counseling. The home must meet FHA property standards. Single-family homes, 2–4 unit properties and eligible condos may qualify.
Yes. You keep title to your home. You remain responsible for property taxes, homeowners insurance, HOA dues and maintenance. The lender has a lien, like any mortgage, and you can stay in the home as long as you meet these obligations and the other loan terms.
It depends on the youngest borrower's age, current interest rates and your home's appraised value, up to HUD's 2026 HECM limit of $1,249,125. Your payout option also matters. With a line of credit, the unused portion can grow over time.
Heirs can sell the home and keep any equity above the loan balance, pay off or refinance the loan to keep the home, or turn the home over to the lender. HECMs are non-recourse, so heirs aren't personally liable if the loan balance exceeds the home's value. HUD sets the time heirs have to act, with extensions possible in some cases.
HECM reverse mortgages are insured by the FHA and regulated by HUD. Consumer protections include mandatory independent counseling before you apply, the non-recourse feature (when the loan is repaid, you or your heirs won't owe more than the home's value), and FHA insurance that protects your access to funds if the lender can't pay.
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Find out how much equity you could access
Start online or call Andrew. He'll explain how a HECM works for your age, home value and plans — and compare it with a HELOC or refinance.