Reverse Mortgage Questions, Answered
Frequently Asked Questions
Honest answers about HECM reverse mortgages — who qualifies, how much you can get, and whether it's the right move for your situation.
What is a reverse mortgage?
A reverse mortgage — officially called a Home Equity Conversion Mortgage (HECM) — is a federally insured loan that allows homeowners 62 and older to convert a portion of their home equity into tax-free cash without selling the home or making monthly mortgage payments. The loan is repaid when the last borrower sells the home, moves out, or passes away.
Who qualifies for a reverse mortgage?
To qualify for a HECM, you must be at least 62 years old, own your home outright or have significant equity, live in it as your primary residence, and stay current on property taxes, homeowner's insurance, and maintenance. Any existing mortgage balance must be paid off at or before closing — often using HECM proceeds. A financial assessment is also part of the process to ensure the loan fits your situation.
Is a reverse mortgage safe?
HECM reverse mortgages are insured by the Federal Housing Administration (FHA) and regulated by HUD, making them one of the most consumer-protected loan products available. By law, you cannot owe more than the home is worth when it sells. A non-recourse guarantee protects you and your heirs from any shortfall. Independent HUD counseling is required before you can apply — a federal safeguard built into the program so you fully understand your options.
How much can I get from a reverse mortgage?
The amount depends on your age, your home's appraised value, the current FHA lending limit ($1,149,825 in 2025), and prevailing interest rates. Generally, older borrowers with more equity qualify for a higher percentage of their home's value. Proceeds can be received as a lump sum, monthly payments, a line of credit, or a combination. A free consultation will give you a real estimate based on your specific home and situation — no obligation.