What is a Reverse Mortgage?

A reverse mortgage is a unique type of loan designed for homeowners aged 62 and older that allows you to access the equity in your home without having to make monthly mortgage payments. Instead of you paying the bank each month, the bank pays you—either in a lump sum, monthly payments, a line of credit, or a combination of these options.


The best part? You remain the owner of your home, and you can stay there as long as you live, as long as you keep up with property taxes, homeowners insurance, and basic maintenance.


Many seniors use a reverse mortgage to supplement retirement income, cover unexpected expenses, or simply enjoy life with more financial flexibility. It’s a powerful tool that can help you turn the home you love into a source of financial security.

What is a HECM?

A Home Equity Conversion Mortgage (HECM) is the most common type of reverse mortgage and is backed by the Federal Housing Administration (FHA). This means the government insures the loan, providing extra protection for borrowers.


HECMs come with flexible payout options, including lump sums, monthly payments, or a line of credit that grows over time. They also include built-in safeguards, such as required counseling to ensure you understand the loan.


A HECM is a great option for homeowners with properties within FHA loan limits and who want the security of a government-insured program.

What is a Jumbo Reverse Mortgage and How is it Different from a HECM?

A Jumbo Reverse Mortgage is designed for homeowners with high-value properties that exceed the FHA loan limits. Unlike HECMs, these loans are offered by private lenders and are not government-insured.

Key differences between a Jumbo Reverse Mortgage and a HECM:


 Higher Loan Limits – Jumbos allow access to more equity, making them ideal for homes valued above FHA limits.


No Mortgage Insurance – Since these are private loans, you won’t have to pay FHA mortgage insurance premiums.


More Flexible Age Requirements – Some lenders allow borrowers as young as 55 to qualify.


Fewer Payout Options – Jumbos typically offer lump sums rather than lines of credit.


A jumbo reverse mortgage can be a great solution for homeowners who want to access a larger portion of their home equity without the restrictions of government-backed loans.

How to Qualify for a Reverse Mortgage

Qualifying for a reverse mortgage is easier than you might think. To be eligible, you must:



  • Be at least 62 years old
  • Own your home (or have significant equity in it)
  • Live in the home as your primary residence
  • Keep up with property taxes, homeowners insurance, and basic home maintenance


There are no credit score or income requirements like with traditional loans, but lenders will review your financial situation to ensure you can maintain the home and meet your obligations. If you're married, your spouse can also be protected under the loan, even if they are younger than 62.

A man and a woman are posing for a picture and smiling - Linda and her father

Safeguards in Place for Seniors With a Reverse Mortgage

A man wearing an army hat sits in a chair with his dog

Reverse mortgages come with built-in protections to ensure that seniors make informed decisions and remain secure in their homes:


Required Counseling – Every borrower must complete a session with an independent, HUD-approved counselor to ensure they understand the loan.


Non-Recourse Loan – You or your heirs will never owe more than the home’s value, even if the housing market changes.

You Retain Homeownership – As long as you keep up with property taxes, insurance, and basic maintenance, your home remains yours.


Spouse Protection – If your spouse is a co-borrower or an eligible non-borrowing spouse, they can remain in the home even if you pass away.


Government Regulation & Oversight – HECMs are federally insured, meaning there are strict regulations to protect borrowers.

Reverse mortgages are designed to give you financial freedom—not take it away. With the right guidance, this loan can be a powerful tool for a secure and comfortable retirement.

Shall we have a confidential conversation about your or your loved one's situation? I'm happy to speak with you and see if a reverse mortgage might be a good option for you.