Reverse Mortgages (HECM)
Your equity, on your terms.
For homeowners 62 and older: convert home equity into tax-free funds, eliminate a monthly mortgage payment, and stay in the home you love — explained honestly, including the trade-offs.
No monthly payment
Your existing mortgage payment can be eliminated — taxes, insurance and upkeep remain yours.
You keep the title
You remain the owner of your home, with the same rights you have today.
Flexible payout
Lump sum, monthly payments, a growing line of credit, or a combination.
Non-recourse loan
You or your heirs never owe more than the home is worth at sale.
Purchase option
HECM for Purchase lets you right-size into a new home with no monthly payment.
Federally insured
HECM loans are insured by FHA and require independent HUD counseling.
Straight Talk
The honest version, including the downsides.
A reverse mortgage is a real tool for the right situation and a poor fit for others. Balances grow instead of shrink, closing costs are higher than a conventional refinance, and heirs inherit less equity. If your plan is to move within a few years, it usually does not pencil — and I will tell you that.
- Balance grows over time as interest accrues
- Higher upfront costs than a standard refinance
- Taxes, insurance and upkeep stay your responsibility
- Independent HUD counseling required before applying
Good to Know
Common Questions.
Who qualifies for a HECM?
Homeowners 62 or older with significant equity, living in the home as a primary residence, and current on property taxes and insurance. A financial assessment and independent HUD counseling are part of the process.
Will my heirs lose the house?
No. When the loan becomes due, heirs may repay the balance and keep the home, sell it and keep any remaining equity, or walk away — the loan is non-recourse, so they never owe more than the home is worth.
Can I still leave the home to my children?
Yes. Your heirs inherit the home subject to the loan balance, exactly like any other mortgage — there is simply less equity remaining than if you had not borrowed.
Is a reverse mortgage a last resort?
It should never be a panic move. Used deliberately — as a standby line of credit, to delay drawing Social Security, or to right-size without a payment — it can be genuinely strategic. Used to patch a shortfall that will return next year, it rarely helps.
Kristen Boano, NMLS #1995496 · NEXA Mortgage, LLC, NMLS #1660690. Equal Housing Lender. This page is general information, not a commitment to lend. Loan approval is not guaranteed and is subject to lender review of your complete application. Program terms and availability are subject to change.