A reverse mortgage lets eligible homeowners age 62+ convert part of their home equity into cash — without a required monthly principal-and-interest payment while they live in the home and keep taxes, insurance, and maintenance current.
With a traditional (forward) mortgage, you borrow money and make monthly payments that reduce the balance over time. With a reverse mortgage, the balance typically grows as interest and fees accrue — and you are not required to make monthly principal-and-interest payments while you occupy the home as your primary residence and meet loan terms.
Most reverse mortgages today are FHA-insured Home Equity Conversion Mortgages (HECMs). Proceeds can come as a lump sum, monthly tenure or term payments, a growing line of credit, or a mix — subject to program rules and timing limits on how much you can access in the first year.
The loan becomes due when the last borrower permanently leaves the home, sells, or passes away — or if required obligations like taxes and insurance are not maintained. Ryan and Steve walk through HECM counseling, available proceeds, and repayment timing before you decide whether reverse financing fits your retirement plan.
Equity can supplement retirement cash flow without selling the home — when used carefully and with clear understanding of costs and obligations.
Many borrowers use a reverse mortgage to age in place — covering living expenses, healthcare gaps, or home modifications while keeping the roof over their head.
Choose a line of credit that can grow over time, scheduled monthly payments, a lump sum (within program limits), or a combination that matches your budget.
As long as you live in the home as your primary residence and keep property charges current, you are generally not required to make monthly principal-and-interest payments on the reverse loan.
HECMs are non-recourse loans. In many cases, you or your heirs will not owe more than the home is worth when it is sold to repay the loan — subject to program rules and how the property is handled.
HECM reverse mortgages follow a clear sequence — counseling first, then application, appraisal, and closing.
Step 1
Complete required reverse mortgage counseling with an approved counselor and receive your certificate before the loan can proceed.
Step 2
Ryan and Steve review your goals, property, existing mortgage (if any), and complete the HECM financial assessment.
Step 3
An appraisal establishes home value. Underwriting confirms eligibility, title, and how much you can receive under current HECM formulas.
Step 4
After closing and any cooling-off period, funds disburse per your chosen payout option — subject to first-year draw limits on HECMs.
Related guides to help you understand eligibility and next steps.
Age, occupancy, equity, counseling, and financial assessment basics.
How title works — you keep ownership; the lender holds a lien.
No required monthly P&I — but taxes and insurance still apply.
Talk with Ryan & Steve about whether a reverse mortgage fits your goals.
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Visit 2MG DailyA reverse mortgage is a loan available to eligible homeowners age 62 and older that converts a portion of home equity into cash — as a lump sum, monthly payments, a line of credit, or a combination. Unlike a forward mortgage, you typically make no required monthly principal-and-interest payments while you live in the home as your primary residence and keep up taxes, insurance, and maintenance.
HECM stands for Home Equity Conversion Mortgage — the FHA-insured reverse mortgage that most borrowers use. HECMs have federally set rules for age, counseling, occupancy, and borrower protections, including non-recourse features that limit what you or your heirs owe relative to the home’s value in many situations.
Yes. You remain the owner of your home. The reverse mortgage is a lien against the property, similar to a traditional mortgage — it does not transfer ownership to the lender. You keep the title as long as you meet loan obligations such as living in the home, paying property charges, and maintaining the property.
No. All loans are subject to credit, income, property, and program approval. The amount available depends on age, home value, interest rates, and other factors. Rates, fees, and program availability can change without notice and may not be available in all states. This page is educational — not a commitment to lend.
Get a clear picture of available equity, payout options, and obligations — not a commitment to lend; subject to credit, property, and program approval.