Reverse Mortgages, Explained Plainly
How reverse mortgages work, what they cost, and whether one fits your retirement. FHA HECM loans for homeowners 62+, and non-FHA programs from age 55. As a lender and a broker, we compare several wholesale programs with one application.
Quick answer
A reverse mortgage lets you turn part of your home's equity into cash, monthly income, or a line of credit, with no required monthly mortgage payment. You keep the title and live in the home. The loan is repaid when the last borrower sells, moves out, or passes away. The FHA-insured HECM starts at age 62; our non-FHA programs start at 55 where state law allows and can lend on home values up to about $4 million.
Which reverse mortgage fits?
| FHA HECM | Non-FHA / jumbo | |
|---|---|---|
| Minimum age | 62 | 55 where state law allows |
| Home value counted | Up to $1,249,125 (2026) | Up to about $4M |
| FHA mortgage insurance | 2% upfront, 0.5% a year | None |
| Payout options | Lump sum, monthly, growing line of credit | Usually lump sum or line of credit |
| Condos | FHA-approved only | Many non-FHA-approved condos |
Run your own numbers with the HECM reverse mortgage calculator, or compare with a HELOC vs. reverse mortgage.
Start here
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Local reverse mortgage guides
Common questions
How old do you have to be for a reverse mortgage?
62 for an FHA HECM. Our non-FHA (proprietary) reverse mortgages start at age 55 where state law allows.
Do I still own my home with a reverse mortgage?
Yes. You keep the title. You must live in the home as your primary residence and keep paying property taxes, homeowners insurance, HOA dues, and upkeep.
Do I have to make monthly payments on a reverse mortgage?
There is no required monthly mortgage payment. Interest is added to the loan balance, and you can make voluntary payments at any time without a penalty.
What if my home is worth more than $1.25 million?
The 2026 FHA HECM counts home value only up to $1,249,125. A jumbo (non-FHA) reverse mortgage can count home values up to about $4 million.
Can I use a reverse mortgage to pay off my current mortgage?
Yes. At closing, the reverse mortgage pays off your existing mortgage, and you no longer have a required monthly mortgage payment. See our payoff guide for a worked 2026 example.
See your numbers in 15 minutes
Free call. We'll compare an FHA HECM and non-FHA options on your home, side by side.
Schedule a Call Call (949) 785-5827