A reverse mortgage lets eligible homeowners age 62 or older borrow against available home equity without making monthly principal and interest payments. Instead, interest and fees are added to the loan balance over time, and the loan generally becomes due when the last borrower sells, permanently moves out, or dies. Title stays in the homeowner's name.
The most common reverse mortgage is the Home Equity Conversion Mortgage, or HECM, insured by the Federal Housing Administration. It converts part of your available equity into proceeds — as a lump sum, a line of credit, monthly draws, or a combination.
Because you're not making monthly principal and interest payments, the balance grows rather than shrinks. That's the fundamental reversal, and it means available equity generally decreases over time.
A reverse mortgage doesn't end your obligations as a homeowner. Falling behind on these can make the loan due and payable:
Before receiving a HECM, borrowers must complete a session with a HUD-approved reverse mortgage counselor. It's an independent check that you understand the structure, costs, and alternatives before committing.
Bryan's approach mirrors that: assessment first. A reverse mortgage is one option among several for accessing equity later in life, and the right starting point is comparing them.
General answers — your situation deserves a specific one. Bryan is a call away.
No. Title remains in your name. The lender holds a lien, as with any mortgage, but you remain the owner and must keep meeting homeowner obligations.
It depends on the age of the youngest eligible borrower, the home's value, current interest rates, any existing mortgage balance, and program limits. An assessment establishes the realistic range for your situation.
When the loan becomes due, heirs generally may repay the balance and keep the home, or sell the home and keep any remaining equity. HECMs are non-recourse, meaning the home itself satisfies the debt.
HECMs are non-recourse loans. Neither you nor your heirs owe more than the home's value when the loan is repaid through the sale of the home.
Bryan Bowman, NMLS #1473913, offers a 30-minute reverse mortgage consultation for homeowners in Nevada, Texas, and Utah. See the reverse mortgage page to request one.
Guides explain the general rules. A short conversation with Bryan tells you how they apply to you — no obligation, no pressure.