Your home. Your next chapter.

A reverse mortgage lets eligible homeowners borrow against part of their home equity. This overview focuses on the FHA-insured Home Equity Conversion Mortgage (HECM), available to qualifying borrowers age 62 or older. Private reverse mortgage programs have different requirements.

No monthly principal-and-interest mortgage payments are required while you meet the loan terms. You must still pay property taxes, insurance, applicable HOA fees and other property charges, maintain the home, and occupy it as your principal residence. Failure to meet these obligations can result in foreclosure.

How could it help?

Depending on the loan option, funds may be available as a lump sum, monthly advances, a line of credit, or a combination. Proceeds may help with living expenses, home improvements or other needs. Any existing mortgage must be paid off at closing, using loan proceeds or other funds as necessary.

Understand the trade-offs

A reverse mortgage is a loan, not free money or a government benefit. Interest and applicable fees and mortgage insurance accrue, generally increasing the balance and reducing remaining equity when payments are not made. Review upfront costs, long-term costs and alternatives before deciding.

Make an informed decision

Who may qualify?

HECM borrowers must be at least 62, have sufficient equity, meet property and financial requirements, and complete counseling with a HUD-approved HECM counselor. The amount available depends on factors including age, home value, interest rates and existing debt. Approval and available proceeds are not guaranteed.

What happens to my home and family?

You retain ownership, with the home securing the loan. Repayment generally becomes due when the last borrower dies, sells or no longer occupies the home as a principal residence, or when loan obligations are not met. Eligible non-borrowing spouses may qualify for repayment deferral under specific rules; protection is not automatic. Discuss your spouse and heirs with your counselor and lender.

Heirs should contact the servicer promptly to review repayment or sale options. HECM non-recourse protections limit recovery under program rules; they do not mean heirs can keep the home without satisfying the loan.

Take your time. Ask questions.

Compare alternatives and discuss possible effects on needs-based benefits, such as Medicaid or SSI, with a qualified adviser. Never feel pressured to sign documents, share sensitive information, or purchase another financial product to obtain a reverse mortgage.

Let’s explore your options. Contact Wholesale Mortgages for a conversation in English or Spanish.