Reverse Mortgage
Homeowners 62+ can convert equity to cash via lump sum, line of credit, or monthly payments.
Program Details
Credit ScoreN/A
DTI RatioN/A
Rate CapsHUD/FHA HECM rules apply
Key Benefits
- Flexible disbursement options
- Remain in the home
Program Tags
senior
Who It's Best For
- Homeowners age 62+ seeking to tap equity
Advantages
- Supplement retirement income
- No monthly mortgage payments (taxes/insurance still required)
- Stay in your home
Considerations
- •Accrued interest reduces equity
- •Affects inheritance
- •Fees and counseling required
Eligibility Requirements
- Age 62+
- Primary residence
- Counseling required
Additional Requirements
- Financial assessment
- HUD counseling
- Property appraisal
Pro Tips
- Consider line of credit for flexible access
- Discuss impacts on heirs and estate planning
Also Known As
HECM
Yes, you retain title; you must pay taxes, insurance, and upkeep.
Lump sum, monthly payments, or a line of credit depending on your needs.
Calculate Your Payment
Use our interactive calculators to estimate your monthly payment and see how much you could save.
Payment Example
Loan amount
$475,000
Est. P&I
$3,160/mo
Estimate only. Taxes, insurance, HOA, MI/MIP, and points/credits not included. Not a commitment to lend.
Scenario Snapshot
Down payment
$60,000
Loan amount
$540,000
Typical Documents
- Last 30 days of pay stubs or income docs
- Last 2 years W-2s or 1099s (as applicable)
- Most recent 2 months of bank statements
- Government-issued ID
Exact items vary by program and scenario.
Loan Limits (Estimate)
Use your ZIP to check your state and review baseline limits. County limits may be higher.
Enter a ZIP to detect your state. County-specific limits vary.
Conforming baseline (1‑unit)$766,550
FHA floor (1‑unit)$498,257
FHA ceiling (1‑unit)$1,149,825
Actual county/metro limits vary. See official resources at FHFA and HUD.
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