Access home equity without monthly payments for seniors 62 and older
A reverse mortgage, officially called a Home Equity Conversion Mortgage (HECM), allows homeowners 62 and older to convert part of their home equity into cash without selling their home or making monthly mortgage payments. The loan is repaid when the borrower moves, sells, or passes away.
Stay in your home without mortgage payments
You remain the owner of your home
Government backing provides protections
Receive all proceeds at closing in one payment
Fixed monthly payments for life or specified term
Draw funds as needed, unused portion grows over time
Mix of monthly payments and line of credit
The amount you can borrow depends on several factors including your age, home value, and current interest rates.
Older borrowers can access more equity
2024 FHA lending limit
Lower rates mean higher loan amounts
HUD requires all borrowers to complete counseling with an approved agency before applying for a reverse mortgage.
You must continue to pay property taxes, homeowners insurance, and maintain the property.