PRIMARY-RESIDENCE FINANCING
Reverse Mortgage
Explore home equity with the whole picture in view.
How it works
A Home Equity Conversion Mortgage is an FHA-insured reverse mortgage generally for homeowners age 62 or older. Eligibility includes a principal residence, sufficient equity, a financial assessment, and required independent counseling.
Understand the tradeoffs
Interest and fees increase the balance over time. Taxes, insurance, upkeep, and occupancy obligations continue; failure to meet obligations can lead to foreclosure. Repayment is generally due on sale, death, or when the home is no longer the principal residence, subject to applicable protections.
What to prepare
Age and occupancy information, current mortgage balances, property charges, income and asset records, and a HUD-approved counseling certificate. Discuss eligible non-borrowing spouse protections and alternatives.
Your next conversation
Tell John about your planned occupancy, timeline, comfortable monthly budget, and available funds. Ask for a comparison that includes interest, fees, mortgage insurance where applicable, and ongoing property costs. No program description is an approval or a commitment to lend.