Understanding Reverse Mortgages
Clear, unbiased information to help you decide if a reverse mortgage is right for you. No sales pressure — just the facts you need to make an informed decision.
Learn the Basics
Explore our guides to understand every aspect of reverse mortgages before making a decision.
What Is a Reverse Mortgage?
A clear explanation of what reverse mortgages are, how they differ from traditional mortgages, and who they're designed for.
Read MoreHow Reverse Mortgages Work
Step-by-step walkthrough of the reverse mortgage process — from application and counseling to funding and repayment.
Read MoreTypes of Reverse Mortgages
Compare HECM, proprietary, and single-purpose reverse mortgages to understand which option fits your situation.
Read MoreEligibility Requirements
Find out if you qualify — age, home equity, property type, residency, and financial assessment requirements.
Read MorePros and Cons
An honest look at the advantages and disadvantages of reverse mortgages so you can weigh them for yourself.
Read MoreFrequently Asked Questions
Answers to the most common questions about reverse mortgages — ownership, heirs, costs, repayment, and more.
Read MoreWhat Is a Reverse Mortgage?
A reverse mortgage is a loan available to homeowners age 62 and older that allows them to convert part of their home equity into cash — without selling their home or making monthly mortgage payments.
Instead of you paying the lender each month (like a traditional mortgage), the lender pays you. The loan balance grows over time and is repaid when you sell the home, move out permanently, or pass away.
The most common type is the Home Equity Conversion Mortgage (HECM), which is insured by the Federal Housing Administration (FHA) and comes with important consumer protections.
Learn More
How the Process Works
The reverse mortgage process has built-in consumer protections at every step.
HUD Counseling
Before applying, you must complete a session with a HUD-approved counselor who explains your options and ensures you understand the terms.
Application & Appraisal
You apply with a lender, your home is appraised, and the lender determines how much you can borrow based on your age, home value, and interest rates.
Receive Your Funds
Choose how to receive your money — lump sum, monthly payments, line of credit, or a combination. You continue living in your home.
Common Questions
Quick answers to the questions we hear most often.
A reverse mortgage is a loan for homeowners age 62+ that converts home equity into cash without requiring monthly mortgage payments. The most common type, a HECM (Home Equity Conversion Mortgage), is insured by the FHA. The loan is repaid when you sell the home, move out, or pass away — typically from the proceeds of selling the home.
Yes. You retain full ownership and title to your home throughout the life of the loan. The reverse mortgage is a lien against the property — the same as a traditional mortgage. You must continue to pay property taxes, homeowner's insurance, and maintain the home in good condition.
The amount depends on your age (older borrowers qualify for more), your home's appraised value, current interest rates, and the type of reverse mortgage. Generally, you can access 40-70% of your home's value. A HUD-approved counselor or lender can provide a personalized estimate based on your specific situation.
When you pass away, your heirs have several options: they can sell the home and keep any equity above the loan balance, refinance the reverse mortgage into a traditional mortgage to keep the home, or simply walk away if the loan balance exceeds the home's value. HECM loans are "non-recourse," meaning your heirs will never owe more than the home is worth.