Secure your future with reverse mortgage options
A reverse mortgage is a sophisticated financial tool designed specifically for homeowners aged 62 and older. It allows you to convert a portion of your home equity into tax-free funds without the burden of monthly mortgage payments, provided you continue to pay property taxes and insurance. Whether you're looking to supplement your retirement income, cover healthcare costs, or simply enjoy financial flexibility, our independent marketplace helps you compare programs side-by-side to ensure the best fit for your unique goals.
Reverse Mortgage Options
HECM Standard
The HECM Standard is a government-backed Home Equity Conversion Mortgage that allows seniors to access their home equity as a tax-free lump sum, a line of credit, or monthly installments.
These FHA-insured loans offer critical protections, ensuring that you can remain in your primary residence for life as long as you maintain property taxes, insurance, and home repairs.
This flexible financial tool provides peace of mind by converting real estate wealth into accessible cash without mandatory monthly mortgage payments.
Proprietary Jumbo
A proprietary jumbo reverse mortgage is a private loan designed for seniors with higher-value homes that exceed FHA lending limits.
Unlike the standard HECM, these are not FHA-insured, which allows you to access a much larger portion of your equity without paying government insurance premiums.
While they offer greater borrowing potential, they often lack the government-mandated protections and standardization found in federal programs.
HECM for Purchase
A HECM for Purchase allows seniors to buy a new primary residence by combining their down payment with reverse mortgage proceeds in a single transaction.
This strategy is ideal for downsizing to a more accessible home or relocating closer to family while eliminating the burden of monthly mortgage payments.
By utilizing this program, you can preserve your retirement savings and increase your cash flow while settling into a property that better fits your current lifestyle needs.
Independent Resources
- CFPB – Reverse Mortgages
- HUD – HECM Program
Eligibility Criteria for Reverse Mortgages
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Borrowers must be aged 62 or older.
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The home must be your primary residence.
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Significant home equity (typically 50% or more).
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Must meet HUD financial assessment requirements.
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The home must meet FHA property standards.
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Participate in a HUD-approved counseling session.
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