Homeowners 62+
Stay in the home you love.
A reverse mortgage can convert home equity into cash while you continue to live in the house.
A reverse mortgage (commonly a Home Equity Conversion Mortgage, or HECM) lets eligible homeowners age 62 or older convert part of their home equity into cash — as a line of credit, lump sum, or monthly draws — while they continue to live in the home as a primary residence.
What is actually true
- Interest typically accrues on the outstanding balance. You are not writing a monthly principal-and-interest check the way you would on a forward mortgage, but the loan balance can grow.
- You remain responsible for property taxes, homeowners insurance, and maintaining the home. Fail those, and the loan can become due.
- The loan is typically repaid when the borrower dies, sells, or permanently moves out.
- Counseling from a HUD-approved agency is required for HECM loans before you proceed.
This can be a fit for someone who is house-rich, cash-tight, and plans to stay. It is not automatically “a good idea for older homeowners.” We will tell you if a HELOC, a sale, or doing nothing is cleaner.
Reverse mortgages are federally regulated, subject to eligibility, property, and counseling requirements. This page is not a commitment to lend.
Watch how it works: when a reverse mortgage is worth a serious look.
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