More possibilities from the home you love.
A reverse mortgage may help eligible homeowners age 62 or older access part of their home equity while continuing to live in their home. Learn how it works, what it costs, and the responsibilities that remain.
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What is a reverse mortgage?
A Home Equity Conversion Mortgage (HECM) is a federally insured reverse mortgage. It is a loan secured by your home that can turn some of your equity into funds. The amount available depends on factors such as age, home value, current interest rates, and any existing mortgage balance.
Stay in your home
You retain title to your home and can continue living there as your principal residence while meeting the loan terms.
Choose how to receive funds
Depending on the loan and eligibility, options may include a line of credit, monthly payments, a lump sum, or a combination.
No required monthly mortgage payment
HECM borrowers can make voluntary payments, but monthly principal and interest payments are generally not required while the loan terms are met.
Who may qualify?
- At least one borrower is 62 or older.
- The property is your principal residence.
- You have substantial equity or can pay off the existing mortgage at closing.
- You complete counseling with a HUD-approved HECM counselor.
- You meet financial and property requirements, including the ability to cover ongoing home costs.
What you still pay
You remain responsible for property taxes, homeowners insurance, applicable HOA dues, and maintaining the home. Falling behind can cause the loan to become due and may lead to foreclosure.
A reverse mortgage does not erase the loan balance. Interest and fees accrue, so the balance generally grows over time and home equity may decrease.
Understand the full picture
Upfront and ongoing costs
Costs can include origination charges, closing costs, mortgage insurance premiums, servicing fees when applicable, and interest. Ask for a personalized estimate before deciding.
When repayment happens
The loan typically becomes due when the last borrower dies, sells the home, or permanently moves out. It can become due earlier if loan obligations are not met.
Family and heirs
Heirs may have options to repay the loan and keep the home or sell it to satisfy the balance. Discuss your plans with family and an independent counselor.
Questions homeowners ask
Every situation is different. These answers are a starting point for a conversation about your goals, costs, and alternatives.
Does the lender own my home?
No. You keep title to your home. The loan is secured by the property, and you must meet the loan terms.
Can I use a reverse mortgage if I still have a mortgage?
Possibly. Your current mortgage must be paid off at closing, using reverse mortgage proceeds or other funds.
Can I still make payments?
Yes. You can generally make voluntary payments toward interest or principal. Ask the lender how payments are applied.
Is counseling required?
For a HECM, counseling with a HUD-approved counselor is required before the loan can proceed.
Explore whether it fits your plans.
Melissa Alves can walk you through available options and a personalized estimate. Text REVERSE to start the conversation.
Text REVERSE to 209-441-6152Educational information only. Eligibility, proceeds, rates, fees, and loan terms vary. Review the loan documents and speak with a HUD-approved HECM counselor before deciding.
Learn more: HUD HECM overview · CFPB reverse mortgage resources