A reverse mortgage is a loan available to homeowners aged 62 or older, allowing them to convert a portion of their home’s equity into cash. Unlike a traditional mortgage, no monthly payments are required. Instead, the loan balance (including interest) is repaid when: - The homeowner moves out permanently. - The home is sold. - The homeowner passes away. The most common reverse mortgage is the Home Equity Conversion Mortgage (HECM), which is federally insured and regulated by the U.S. Department of Housing and Urban Development (HUD).

No, a Reverse Mortgage is the common term for a Home Equity Conversion Mortgage(HECM). These terms are used interchangeably and the process is the same for either. - Contact a FHA-Approved Lender(we are FHA Approved!) - Determine Eligibility and Feasibility for Use of a Reverse Mortgage - Obtain and Appraisal of Your Home - Complete HUD Required HECM Counseling - Finalize Your Reverse Mortgage - Access Your Equity Funds and Use for Your Needs

As long as you meet the loan requirements including paying your property taxes, homeowners insurance, and maintaining your home, you cannot lose your home. Rest assured, FHA Backed Reverse Mortgages are designed to allow you to stay in your home for as long as you need or wish.

With a reverse mortgage, the homeowner retains full ownership of their home. The lender simply places a lien on the property as collateral, just like with a traditional mortgage. The homeowner or their heirs still control what happens to the home at any time.

Reverse mortgages are "non-recourse loans," meaning you or your estate will never owe more than the home's value. If the loan balance exceeds the home’s value, the difference is covered by federal insurance, not your heirs. Federal insurance is a requirement for obtaining a Reverse Mortgage, to assure that you or your spouse or heirs never owe more than your home is worth.

No, Reverse Mortgages are heavily regulated by the federal government(HUD) and have become a versatile financial tool for individuals to access home equity, often recommended by Financial Planners in order to supplement retirement income without dipping into retirement accounts or incurring tax from selling assets. HUD regulations also require lenders to follow strict guidelines to protect homeowners including home equity based limits on loan amounts, strict home appraisals, verified income, assets, monthly living expenses, and credit history. Additionally, all borrowers must complete counseling with a HUD-approved counselor to ensure they fully understand the loan. While this may seem like a burden, we're here to help make this process easy, provided you meet the eligibility requirements of a Reverse Mortgage.