Loan Programs  |  07

Reverse Mortgages

For homeowners 62+ who'd like their equity to pay them back.

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The quick version

How it works

A reverse mortgage lets homeowners 62 and older turn part of their home equity into cash without making a monthly mortgage payment. The most common type is the Home Equity Conversion Mortgage, or HECM, which is insured by the FHA. You keep ownership of your home, and the loan is repaid when you sell, move out, or pass away. You do still pay property taxes, homeowners insurance, and upkeep. Funds can come as a lump sum, monthly payments, a line of credit, or a mix, and every borrower completes HUD-approved counseling first so the decision is fully informed.

Highlights

No monthly mortgage payment

Taxes, insurance, and upkeep are still yours.

You keep the title

You still own your home.

Flexible payout options

Lump sum, monthly income, line of credit, or a mix.

Non-recourse protection

Heirs never owe more than the home is worth.

FAQ

Questions people actually ask

Tap a question to see the answer.

1Who qualifies for a reverse mortgage?+
Homeowners 62 or older who live in the home as their primary residence and have significant equity. You'll also complete a financial review and a counseling session.
2Does the bank take my house?+
No. You keep ownership and title. The loan is repaid when the home is sold, or when you move out or pass away.
3What happens to my heirs?+
Your heirs can sell the home and keep any remaining equity, or pay off the loan and keep the home. With an FHA-insured HECM, they'll never owe more than the home is worth.
4Do I still have to pay anything?+
Yes. You're responsible for property taxes, homeowners insurance, any HOA dues, and keeping the home in good repair. Falling behind on those can put the loan in default.
5How do I receive the money?+
As a lump sum, monthly payments, a line of credit, or a combination. A line of credit can grow over time, which some homeowners use as a financial safety net.
6Why is counseling required?+
HUD requires a session with an independent, approved counselor so you fully understand costs, obligations, and alternatives. Family members are welcome to attend.
7Can I use a reverse mortgage to buy a home?+
Yes. A HECM for Purchase lets buyers 62+ buy a new home, often downsizing, without taking on a monthly mortgage payment.
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This information is general and educational. It is not a commitment to lend. Program guidelines vary by lender, change over time, and are subject to credit approval and underwriting.

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Plano Mortgage Broker

Mohave Mortgage

5830 Granite Pkwy # 100-213

Plano Texas, 75024

Office: (469) 414-5554

Branch NMLS # 2690682

Mohave Mortgage

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