Check fit
Age, ownership, home value, any current liens, and principal residence status matter.
THE GUIDE
Start with what matters in your situation.
For eligible homeowners age 62 or older, a Home Equity Conversion Mortgage may provide ways to use home equity. Counseling is required, and taxes, insurance, property upkeep, and occupancy remain your responsibility.
Independent counseling
A HUD-approved counselor reviews costs, obligations, and alternatives before a HECM proceeds.
Plan for property charges
You must keep taxes, insurance, and home maintenance current; a set-aside may be required.
What to prepare
Have your recent mortgage statement and a short account of your goal available for the first conversation. If documents are needed, staff will explain a secure next step.
Never put Social Security numbers or account numbers into a public comment or this review form.
A STRAIGHT ANSWER
Let the details guide the recommendation.
No ad can approve a loan. Program requirements, the property, your documentation, and individual lender terms determine what is possible.
COMMON QUESTIONS
Questions worth asking
Is a reverse mortgage free money?
No. It is a loan secured by your home. Costs and interest accrue, and you retain ongoing property obligations.
Will I still have to pay taxes and insurance?
Yes. Property taxes, homeowner’s insurance, upkeep, and occupancy requirements remain important.