What Is a Reverse Mortgage?
A reverse mortgage lets eligible homeowners age 62+ convert part of their home equity into cash — without a required monthly principal-and-interest payment while they live in the home and keep taxes, insurance, and maintenance current.
How a Reverse Mortgage Works
With a traditional (forward) mortgage, you borrow money and make monthly payments that reduce the balance over time. With a reverse mortgage, the balance typically grows as interest and fees accrue — and you are not required to make monthly principal-and-interest payments while you occupy the home as your primary residence and meet loan terms.
Most reverse mortgages today are FHA-insured Home Equity Conversion Mortgages (HECMs). Proceeds can come as a lump sum, monthly tenure or term payments, a growing line of credit, or a mix — subject to program rules and timing limits on how much you can access in the first year.
The loan becomes due when the last borrower permanently leaves the home, sells, or passes away — or if required obligations like taxes and insurance are not maintained. Ryan and Steve walk through HECM counseling, available proceeds, and repayment timing before you decide whether reverse financing fits your retirement plan.
At a Glance
Why Homeowners Consider a Reverse Mortgage
Equity can supplement retirement cash flow without selling the home — when used carefully and with clear understanding of costs and obligations.
Stay in the home longer
Many borrowers use a reverse mortgage to age in place — covering living expenses, healthcare gaps, or home modifications while keeping the roof over their head.
Flexible access to equity
Choose a line of credit that can grow over time, scheduled monthly payments, a lump sum (within program limits), or a combination that matches your budget.
No required monthly P&I
As long as you live in the home as your primary residence and keep property charges current, you are generally not required to make monthly principal-and-interest payments on the reverse loan.
Non-recourse protections
HECMs are non-recourse loans. In many cases, you or your heirs will not owe more than the home is worth when it is sold to repay the loan — subject to program rules and how the property is handled.
From Counseling to Closing
HECM reverse mortgages follow a clear sequence — counseling first, then application, appraisal, and closing.
Step 1
HUD counseling
Complete required reverse mortgage counseling with an approved counselor and receive your certificate before the loan can proceed.
Step 2
Application & assessment
Ryan and Steve review your goals, property, existing mortgage (if any), and complete the HECM financial assessment.
Step 3
Appraisal & underwriting
An appraisal establishes home value. Underwriting confirms eligibility, title, and how much you can receive under current HECM formulas.
Step 4
Close & access funds
After closing and any cooling-off period, funds disburse per your chosen payout option — subject to first-year draw limits on HECMs.
Keep Exploring
Related guides to help you understand eligibility and next steps.
Who Qualifies for a Reverse Mortgage?
Age, occupancy, equity, counseling, and financial assessment basics.
Do I Still Own My Home?
How title works — you keep ownership; the lender holds a lien.
Are Monthly Payments Required?
No required monthly P&I — but taxes and insurance still apply.
Contact Us
Talk with Ryan & Steve about whether a reverse mortgage fits your goals.
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Frequently Asked Questions
What is a reverse mortgage?
What is a HECM?
Do I still own my home with a reverse mortgage?
Does a reverse mortgage guarantee approval or a specific amount?
Talk Through a Reverse Mortgage With Ryan & Steve
Get a clear picture of available equity, payout options, and obligations — not a commitment to lend; subject to credit, property, and program approval.