Clear up the myths. See how HECM reverse mortgages work — payout options, ownership, heirs, and costs — then decide with Ryan Minick & Steve DeLon at Luminate Bank whether unlocking home equity fits your retirement plan.
A reverse mortgage converts part of your home equity into cash without a required monthly principal-and-interest payment while you live in the home as your primary residence and keep taxes, insurance, and maintenance current. Most borrowers use an FHA-insured Home Equity Conversion Mortgage (HECM).
You keep ownership and title. The loan is a lien against the property. Proceeds can come as a lump sum, monthly tenure or term payments, a growing line of credit, or a combination — subject to age, home value, rates, existing mortgages, and first-year draw rules.
The balance typically becomes due when the last borrower permanently leaves the home, sells, or passes away. Ryan and Steve walk through counseling, available proceeds, property charges, and heir options before you decide.
Choose the payout structure that matches your retirement cash-flow goals — then confirm proceeds with a personalized estimate.
HECM reverse mortgages follow a clear sequence — counseling first, then application, appraisal, and closing.
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Mortgage Knowledge Center
Straight answers on eligibility, ownership, heirs, payout options, costs, counseling, condos, manufactured homes, Social Security, Medicaid, and whether a reverse mortgage is right for you.
Ryan & Steve will walk through equity, proceeds, property charges, and heir options — so you can decide with clear numbers, not myths.