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. The loan is repaid when you sell, move out permanently or the last borrower passes away, and it can become due sooner if property taxes, insurance or upkeep fall behind.
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, and the lender holds a lien like any mortgage.
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.
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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.