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Reverse mortgages · Age 62+

Home equity.
A longer view.

A Home Equity Conversion Mortgage (HECM) may let eligible homeowners 62 or older access part of their equity. Take time to understand the trade-offs.

An illustrative older couple discussing their home and retirement plans
The whole picture

What changes. What stays yours.

Your home

You keep the title.

The lender has a lien. You must occupy the home as required and meet the loan terms.

Your loan

The balance can grow.

Interest and fees are added over time. The loan must be repaid when it becomes due.

Your responsibilities

Home costs continue.

Property taxes, homeowners insurance, upkeep and any applicable association dues remain your responsibility.

Before you decide

A decision for your
whole household.

  • How long you expect to remain at home
  • Taxes, insurance, maintenance and other costs
  • Your spouse, heirs and other options

  1. Review eligibility and alternatives

    Age is only one condition. Equity, principal residence, property and financial requirements also apply.

  2. Get independent counseling

    HUD-approved HECM counseling is required. Review costs, obligations and alternatives before proceeding.

  3. Plan for when repayment is due

    Understand what happens if you sell, move out or die, including applicable spouse protections and the effect on heirs.

A little more detail

Good questions.
Clear answers.

Are there still monthly costs?

Yes. Although HECMs generally do not require monthly principal-and-interest payments while the loan terms are met, property taxes, insurance, maintenance and applicable association dues continue. Interest and fees add to the loan balance.

When must the loan be repaid?

Generally after the last borrower sells, no longer lives in the home or dies, subject to applicable spouse protections and loan terms. Failing to pay required property charges or meet other obligations can also make it due.

What should my family understand?

Discuss how the loan affects a spouse or other household members, repayment options for heirs and remaining equity. Protections and deadlines depend on the circumstances; review them with a HUD-approved counselor and qualified advisers.

Can this website estimate reverse mortgage proceeds?

No. The standard refinance calculator models a new loan’s principal-and-interest payment. It does not model HECM proceeds, eligibility or the cost of a reverse mortgage.

Your next step

Start with clarity.
Take your time.

Bring your questions to a HUD-approved housing counselor. Review costs, responsibilities and alternatives before deciding.

Apply

A reverse mortgage is a loan, not a government benefit or free money. This material is not from or approved by HUD, FHA or any government agency.