FAQS
Reverse Mortgage Questions, Answered Clearly
If your question isn't here, ask it. Questions are welcome — from you, your spouse, or your adult children.
FREQUENTLY ASKED
What Homeowners Ask Us Most
A reverse mortgage is a home loan for eligible older homeowners (typically 62+
for HECM, or 55+ for certain proprietary loans) that converts a portion of home equity into tax-free
funds without requiring monthly mortgage payments.
The lender pays you based on your age, property value, interest rates, and
current loan limits. You keep title to your home and remain responsible for property taxes, insurance,
and maintenance.
Homeowners who meet age requirements, live in the home as their primary
residence, have sufficient equity, and complete HUD-approved counseling (for HECM loans).
Any existing mortgage balance or liens must be paid off first using the
proceeds of the reverse mortgage at closing.
Yes. As long as you maintain the property, pay taxes and insurance, and
fulfill loan terms, you can live in your home for the rest of your life.
Yes, you retain full ownership and remain on title. The lender holds a lien on
the property, similar to a traditional mortgage.
No, you are not required to sell as long as it remains your primary residence
and loan terms are met.
Heirs can choose to pay off the loan balance to keep the home, or sell the
property. Any remaining equity after loan payoff belongs to the heirs.
No. HECMs are non-recourse loans. Heirs are never personally liable for any
debt beyond the value of the home.
Yes. You can use loan proceeds for any purpose, including home repairs,
healthcare, or daily living expenses.
Yes, proceeds are yours to manage and use however best supports your
retirement strategy.
A Home Equity Conversion Mortgage (HECM) is an FHA-insured reverse mortgage
backed by the federal government.
Proprietary reverse mortgages are private, non-FHA loans designed for
higher-value homes that exceed standard HECM limits.
Available amounts depend on the age of the youngest borrower, appraised value,
current interest rates, and loan limits.
Typically 30 to 60 days from counseling completion and application submission
to closing.
Yes. We encourage an informal conversation first to answer all your questions
with zero obligation.
These answers are general and educational. Specific outcomes depend on your loan program, property, and
circumstances, and are subject to eligibility and program requirements. Nothing here is a loan commitment,
approval, or offer to lend.
Let's Talk About What Your Home Equity Could Mean for You.
Every homeowner's situation is different. Start with a conversation and get clear answers about your options.