Different ways to tap your equity in retirement
The HECM is the most common reverse mortgage, but it’s not the only option. Reverse HELOCs, reverse fixed seconds, and proprietary jumbo reverse programs each have their own use cases. We walk you through how each one works, what it costs, and how it fits with your long-term retirement plan.
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A reverse mortgage lets homeowners aged 62 and older convert a portion of their home's equity into cash without having to sell or take on a monthly mortgage payment. It's most commonly used to supplement retirement income, cover medical costs, eliminate an existing mortgage payment, or simply provide a safety-net line of credit that grows over time.
The most common product is the FHA-insured Home Equity Conversion Mortgage (HECM). The loan balance grows over time and is repaid when the home is sold, the borrower moves out permanently, or the borrower passes away. The borrower (or their heirs) keeps any remaining equity.
Florida is one of the most active reverse-mortgage markets in the country because of the large retiree population. We walk you through the counseling requirement, the various payout options (line of credit, monthly payment, lump sum, or a combination), and the costs so you can decide whether a reverse mortgage fits your retirement plan.
Yes — title remains in your name. The lender simply has a lien like any other mortgage. As long as you keep up with property taxes, insurance, and basic maintenance, you can live in the home for life.
Heirs can keep the home by paying off the loan balance (typically by refinancing), sell the home and keep any remaining equity, or simply walk away — the FHA insurance covers any shortfall, so heirs are never personally liable.
It depends on your age, your home's value, and current rates. Older borrowers and lower interest rates result in higher proceeds. We can run a personalized estimate in about 10 minutes.
Yes — like any mortgage, there are origination, FHA insurance, appraisal, and closing costs, plus accruing interest on the balance. Most fees can be financed into the loan so there's no out-of-pocket cost.
Yes — HUD requires independent third-party counseling before you can apply, to make sure you understand the product fully. We coordinate that for you.
