Reverse Mortgages
Use your home equity to support retirement, on your terms.
What is a reverse mortgage?
A Home Equity Conversion Mortgage (HECM) is a federally insured reverse mortgage for homeowners age 62 and older. It lets you convert part of your home equity into cash, a line of credit, monthly payments, or a combination, without a required monthly mortgage payment. You keep title to your home.
Common uses
- Eliminate an existing mortgage payment
- Create a growing line of credit as a retirement safety net
- Cover healthcare, home modifications or living expenses
- Buy a new home that better fits retirement using HECM for Purchase
Responsibilities
You must live in the home as your primary residence, keep up with property taxes, homeowners insurance and maintenance, and meet other loan terms. The loan becomes due when the last borrower leaves the home permanently. Federal rules require counseling with a HUD approved counselor before you apply, and Curtis encourages involving your family in the conversation.
Frequently asked questions
Will my heirs inherit the home?
Yes, heirs can keep the home by repaying the loan, often through a refinance or sale. If the home sells for more than the balance, the remaining equity goes to the estate. HECMs are non recourse loans.
Can I lose my home?
A reverse mortgage can go into default if taxes, insurance or maintenance obligations are not met, or if the home is no longer your primary residence. Curtis will review these responsibilities with you carefully.
This page is general information, not a commitment to lend or an offer of credit. Program availability, eligibility and terms depend on your credit, income, property and lender guidelines and are subject to change. Contact Curtis for options specific to you.
Not sure which loan fits?
That’s Curtis’s job. Answer a few quick questions and he’ll compare your options across 60+ lenders.