Reverse Mortgages
A reverse mortgage allows eligible homeowners age 62 and older to convert a portion of their home equity into funds, without the monthly mortgage payments required by a traditional loan. It's a strategy worth understanding fully — benefits, costs, and obligations included — before deciding if it fits your retirement plan.
Who this program tends to fit
- Homeowners age 62 or older with significant home equity
- Homeowners looking to supplement retirement income
- Homeowners who want to age in place without a monthly mortgage payment
- Homeowners evaluating a reverse mortgage for purchase on a new home
How it works
With a reverse mortgage, the loan balance grows over time as interest and fees accrue, and repayment is generally due when the homeowner sells the home, moves out permanently, or passes away. Homeowners remain responsible for property taxes, homeowners insurance, and home maintenance. I'll walk through the mechanics, costs, and long-term implications in plain language — this is a decision worth taking slowly.
Frequently asked questions
Do I still own my home with a reverse mortgage?
Yes — you retain ownership and title to your home. The loan is secured against your home's equity, and you remain responsible for taxes, insurance, and upkeep.
What happens to a reverse mortgage when I pass away?
Typically, the loan balance becomes due, and heirs can repay it (often by selling the home) or, in some cases, refinance to keep the property. We can walk through how this affects estate planning.
Is a reverse mortgage the same as a HELOC?
No — a HELOC requires monthly payments and is typically available to homeowners of any qualifying age, while a reverse mortgage is designed for homeowners 62+ and doesn't require monthly mortgage payments. They solve different problems.
Have questions about Reverse Mortgages?
I'm glad to talk through whether this program fits your specific situation — no pressure, just a clear answer.