Reverse mortgage education for homeowners 62+
Could your home help fund your retirement?
Clear, plain-English guides to how a reverse mortgage (HECM) works, what it costs, and what it means for you and your family. Learn at your own pace, then talk to a person if you'd like.
How it works
Learn your options
Read the guides below. They explain how HECMs work, the costs, and the alternatives, in plain English.
Check the basics
The quick check walks through the main HECM requirements. It is educational and does not decide whether you qualify.
Talk to a person
Request a consultation to talk through your own situation by phone, with no obligation.
The basic HECM requirements
Age 62 or older
Borrowers must be at least 62. Rules for a younger spouse are different, so ask about them.
Your principal residence
The home must be where you live most of the year, not a vacation or rental property.
Enough equity
Any existing mortgage must be paid off from the loan or other funds. There is no single fixed percentage.
HUD-approved counseling
An independent session with a HUD-approved counseling agency is required before you get a HECM. Find a housing counselor.
Guides
Fifteen short guides, from the basics to state-by-state notes for Rhode Island, Massachusetts and Connecticut.
Basics · 6 min read
What Is a Reverse Mortgage? A Plain-English Guide
A reverse mortgage lets homeowners 62 and older convert part of their home equity into cash — with no monthly mortgage payments required. Here's how it actually works.
Basics · 6 min read
The Plain-English Guide to Reverse Mortgages: How HECMs Work
A reverse mortgage lets homeowners 62+ turn home equity into cash without a monthly mortgage payment. Here's how the HECM program actually works — in plain English.
Eligibility · 5 min read
Am I Eligible? Age, Equity, and the Rules
Eligibility comes down to three things: your age, your home, and your equity. Here's exactly what the rules require for a federally-insured HECM reverse mortgage.
Eligibility · 5 min read
HECM Loan Requirements: Age, Equity, Counseling and More
To qualify for a HECM reverse mortgage, you must meet age, home, equity, and counseling requirements. Here's exactly what they are.
Basics · 5 min read
How Much Can You Get? Understanding Payout Factors
Your payout depends on your age, your home's value, and current interest rates — not on your income or credit score. Here's what drives the number.
Costs · 6 min read
The Real Costs: Fees, Insurance, and Interest
Reverse mortgages aren't free, but the costs are built into the loan — not paid out of pocket. Here's an honest breakdown of every fee involved.
Costs · 5 min read
Understanding Reverse Mortgage Fees, Closing Costs, and FHA Mortgage Insurance
Reverse mortgages have upfront and ongoing costs — closing fees, FHA mortgage insurance, interest. Here's what to expect, explained simply.
Process · 5 min read
Reverse Mortgages and Your Heirs: What Happens to the House Later
A common worry: what happens to the house when you pass away? Here's how a reverse mortgage affects your heirs and their options.
Myths · 5 min read
5 Reverse Mortgage Myths — Debunked
The bank takes your home. Your kids lose their inheritance. It's a last resort. Let's clear up the most common misconceptions about reverse mortgages.
Myths · 5 min read
Can the Bank Take My Home? 5 Reverse Mortgage Myths Debunked
The bank takes your house, you lose your home to your kids, it's only for desperate people — let's clear up the most common reverse mortgage myths.
Alternatives · 6 min read
Reverse Mortgage vs. Alternatives: Which Is Right for You?
A home equity loan, a HELOC, downsizing, or a reverse mortgage — each has trade-offs. Here's how to compare them honestly.
Alternatives · 5 min read
Reverse Mortgage vs. Home Equity Loan: Which Makes Sense for You?
Both let you tap home equity — but they work very differently. Compare reverse mortgages and home equity loans on payments, eligibility, and risk.
State Guides · 5 min read
Rhode Island Reverse Mortgage Guide: Rules, Counseling, and Local Resources
A plain-English guide to reverse mortgages for Rhode Island homeowners 62+, including HUD counseling requirements and where to find local help.
State Guides · 5 min read
Massachusetts Reverse Mortgage Guide: What Homeowners 62+ Should Know
A plain-English guide to reverse mortgages for Massachusetts homeowners 62+, including counseling requirements and senior property tax considerations.
State Guides · 5 min read
Connecticut Reverse Mortgage Guide: Property Taxes, Rules, and Counseling
A plain-English guide to reverse mortgages for Connecticut homeowners 62+, covering HUD counseling, property taxes, and what to expect locally.
Frequently asked questions
Could I lose my house with a reverse mortgage?
You keep the title and can live in the home as long as you meet the loan's terms. With a HECM, you must keep paying property taxes and homeowners insurance (and flood insurance if needed), keep the home in good repair, and live there as your principal residence. If you don't meet these requirements, you could lose the home to foreclosure. The loan also comes due when the last borrower dies, sells, or moves out, including being away more than 12 months in a care facility when no co-borrower lives there. CFPB: borrower responsibilities
Do I still own my home?
Yes. A reverse mortgage is a loan secured by your home; your name stays on the title. You can sell the home, and any equity left after the loan is repaid belongs to you or your heirs.
What does it cost?
Reverse mortgages are usually more expensive than other home loans. Upfront costs include an origination fee (no more than $6,000), third-party closing costs and an initial FHA mortgage insurance premium. Ongoing costs (interest, a 0.5% annual mortgage insurance premium and any servicing fee) are added to the loan balance, so the amount you owe grows over time. Counseling agencies may charge a reasonable fee, but they cannot charge you if you can't afford it. CFPB: reverse mortgage costs
How can I receive the money?
Common HECM options are a lump sum, monthly payments, a line of credit, or a combination. Which options are available depends on the loan type, and a licensed lender can walk you through them with your actual numbers.
What happens for my heirs?
When the last borrower dies, the loan must be repaid; most heirs do this by selling the home. If the balance is larger than the home's value, heirs won't have to pay more than 95% of the appraised value, and FHA mortgage insurance covers the rest. CFPB: when the balance exceeds the home's value
Talk it over with a person
Have questions about your own situation? Send a request and Bobbie will get back to you. There is no obligation.