For seniors
For seniors — stay in the home you love.
A reverse mortgage lets you access part of your home equity without selling, without taking on a monthly mortgage payment, and without putting your other assets at risk.
A Home Equity Conversion Mortgage, plainly
A Home Equity Conversion Mortgage (HECM)—commonly known as a reverse mortgage—is an FHA-insured loan that allows eligible homeowners to access a portion of their home equity through a cash lump sum, line of credit, monthly payments, or a combination of these options. You retain ownership of your home and continue living there as your primary residence.
Imagine living in your home without a traditional monthly mortgage payment. Or instead, enjoying monthly loan proceeds that supplement your retirement income. Or holding a growing line of credit you can tap if and when you need it — for healthcare, a roof repair, or simply peace of mind.
Common scenarios
Common Ways Homeowners Use a Reverse Mortgage
- Eliminate the monthly mortgage payment on an existing home loan—the most common use of a reverse mortgage.
- Receive monthly term or tenure payments to supplement Social Security, pension income, or other retirement resources.
- Pay for home repairs, renovations, and updates such as a new roof, painting, kitchen or bathroom remodeling, or accessibility improvements that help you enjoy your home longer.
- Pay off high-interest debt such as credit cards or medical bills to improve monthly cash flow.
- Establish a growing line of credit as a hedge against future healthcare costs and inflation.
- Purchase a more suitable home by combining the proceeds from the sale of your current home with a HECM for Purchase.
Have questions? Call me.
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