Reverse mortgageturn equityinto income.
A Home Equity Conversion Mortgage, or HECM, lets homeowners 62 and older turn part of their home equity into cash, monthly income or a growing line of credit, with no required monthly mortgage payment. You keep the title and stay in your home. Taxes, insurance and upkeep are still yours.
Who Reverse works best for.
A strong fit if
- You are 62 or older and plan to stay in your home
- You have substantial equity
- You want to remove a monthly mortgage payment
- You want a line of credit that can grow over time for future needs
- You are 62+ and want to buy a new home with less cash (HECM for Purchase)
Compare options if
- You plan to move within a few years. Upfront costs are high for a short stay
- You cannot keep up with property taxes, insurance and maintenance. These are required
- You want to leave the home to heirs debt free. Heirs can keep it, but must repay or refinance the loan
Reverse guidelines in plain numbers.
These are the program rules. Each lender can add its own on top, which is why we shop your file across several of them.
| Age and home | Youngest borrower 62+. The home is your primary residence. Single family, 2 to 4 units you live in, and FHA approved condos. |
|---|---|
| How much you can get | Based on the youngest borrower's age, current rates and the home's value up to $1,249,125 in 2026. |
| Ways to receive it | Lump sum, monthly payments for life or a set term, a line of credit, or a mix. The unused line of credit grows over time. |
| Mortgage insurance | 2% upfront, based on the home's value up to the limit, and 0.5% a year on the balance. It guarantees you never owe more than the home is worth when it is sold. |
| Your obligations | Live in the home, pay property taxes, homeowners insurance and any HOA dues, and keep the home in good repair. |
| Counseling | A session with a HUD approved counselor is required before you apply. |
| Spouses | An eligible non-borrowing spouse can stay in the home after the borrower passes, if the conditions are met. The younger spouse's age sets the loan amount. |
Two ways to use equity after 62.
The right answer depends on your income, how long you will stay and what you want for your heirs. We walk through both.
Apply once
One secure application, about 10 minutes.
We price both
Reverse mortgage and Home equity line across our lenders, side by side.
You pick with real numbers
Payment, cash to close and total cost, in plain terms.
Reverse mortgage or Home equity line?
| Feature | Home equity line | Reverse mortgage |
|---|---|---|
| Monthly payment | Required, often interest only at first | None required |
| Qualifying | Income and credit | Age, equity and a financial assessment |
| Credit line | Can be frozen or reduced by the lender | Can grow over time, cannot be frozen for value drops |
| Upfront cost | Lower | Higher, includes 2% insurance |
Reverse questions we hear every week.
Do I still own my home?
Yes. You keep the title. The loan is repaid when the last borrower sells, moves out for more than 12 months in a row, or passes away.
Can I lose my home?
A reverse mortgage can go into default if you stop paying property taxes or homeowners insurance, do not maintain the home, or no longer live there. Counseling covers how to avoid this.
What happens for my heirs?
They can sell the home and keep any equity left, or keep the home by paying off or refinancing the loan. FHA insurance means they never owe more than the home is worth.
How much can I get?
It depends on the youngest borrower's age, current rates and your home's value, up to $1,249,125 for 2026. Older borrowers and lower rates mean more available.
Can I use a reverse mortgage to buy a home?
Yes. HECM for Purchase lets buyers 62 and older buy a new home with a large down payment and no monthly mortgage payment afterward.
Is counseling really required?
Yes. HUD requires a session with an approved counselor before you apply, so you understand the costs, the alternatives and your obligations.
Compare other options.
Refinance & Cash-Out
Lower your rate, drop FHA insurance, shorten your term or take cash out.
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3% down for first-time buyers, and mortgage insurance that comes off at 20% equity.
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3.5% down and flexible credit for buyers with a 580+ score.
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Roll the purchase and the repairs into one loan with FHA 203(k) and HomeStyle.
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