In short
A reverse mortgage lets homeowners aged 62 and older convert home equity into cash while keeping the title and living in the home, with no required monthly mortgage payment. The FHA-insured HECM is most common, and jumbo or super-jumbo reverse programs serve higher-value homes.
Reviewed by Christian Penner, NMLS #368289 · Last updated July 7, 2026
What is a reverse mortgage and how does it work?
A reverse mortgage lets homeowners aged 62 and older convert part of their home equity into cash while keeping the title and living in the home. Instead of you making a monthly mortgage payment, the loan balance grows over time and is typically repaid when you sell, move out, or pass away. The most common type is the FHA-insured HECM (Home Equity Conversion Mortgage), and for higher-value homes there are jumbo and super-jumbo reverse programs. You remain responsible for property taxes, insurance, and upkeep.
Key takeaways
If you're 62 or older and house-rich but cash-tight, a reverse mortgage can turn the equity you've built into usable funds without forcing you to sell or move. Our team helps homeowners across the communities we serve understand HECM and jumbo reverse options, weigh the trade-offs honestly, and decide whether it fits their retirement plan. Where other lenders stop, we keep working to find the right structure for your situation.
A Retirement Tool, Explained Plainly
A reverse mortgage is one of the most misunderstood products in lending, and that's exactly why we take extra time to walk you through it. For the right homeowner, it can unlock retirement cash flow, eliminate an existing monthly mortgage payment, or create a standby line of credit for the future. For others, it isn't the right fit, and we'll tell you that too. We specialize in loans that are tough to structure, and we treat this decision with the care it deserves.
How the Money Can Reach You
Depending on the program, funds can be delivered several ways:
- Lump sum — A one-time draw at closing
- Line of credit — Available to draw as needed, with an unused portion that may grow over time
- Monthly advances — A steady stream for a set term or for as long as you live in the home
- A combination — Blending the above to match your plan
HECM vs. Jumbo Reverse
The FHA-insured HECM is the most common reverse mortgage and follows a federal lending limit that changes periodically. For higher-value homes above that limit, a jumbo or super-jumbo reverse may let you access more of your equity through a private program. We shop a broad network of lenders to compare both paths and find the right structure for your home's value and your goals.
| Feature | HECM | Jumbo / Super-Jumbo Reverse |
|---|---|---|
| Backing | FHA-insured | Private lender programs |
| Home value fit | Up to the FHA limit | Higher-value and luxury homes |
| Counseling | HUD counseling required | Often required, varies by program |
What Stays Your Responsibility
A reverse mortgage doesn't erase homeownership costs. You keep the title, and you remain responsible for property taxes, homeowners insurance, any HOA dues, and maintaining the home. Falling behind on those can put the loan in default, so we make sure you understand the ongoing obligations before you sign.
Required Counseling Protects You
HECM borrowers complete independent HUD-approved counseling before moving forward. We see that as a feature, not a hurdle. It's a neutral third party confirming you understand the program, and it keeps everyone honest.
Let's Find the Best Path Forward
Whether a reverse mortgage is right for you or another option serves you better, our team will lay out the numbers clearly and answer every question. Reach out and let's talk through your retirement picture together.
All program details and figures on this page are illustrative examples for general education only and are not an offer to lend. Program availability, pricing, and guidelines vary and are subject to change. Contact our team for current details specific to your situation.
Quick facts
- Loan type
- Reverse mortgage (HECM or jumbo/super-jumbo)
- Minimum age
- 62 (for the youngest borrower on title)
- Monthly mortgage payment
- Not required while living in the home
- Title
- You keep ownership of the home
- Counseling
- HUD counseling required for HECMs
- Borrowing limit
- Varies by age, home value, and program — ask for current figures
Is this loan right for you?
Who it's for
- Homeowners aged 62 and older with significant home equity
- Retirees who want to supplement income or improve cash flow
- Homeowners who want to eliminate an existing monthly mortgage payment
- Owners of higher-value homes exploring jumbo or super-jumbo reverse options
- Those who want a standby line of credit for future needs
Who it may not fit
- Homeowners under age 62
- Owners planning to move or sell in the near term
- Those unable to keep up with taxes, insurance, and maintenance
Pros and cons
Pros
- No required monthly mortgage payment while you live in the home
- You keep the title and stay in your home
- Flexible payout options: lump sum, line of credit, or monthly advances
- HECMs are non-recourse, protecting heirs from owing more than the home's value
- Jumbo and super-jumbo options for higher-value homes
Trade-offs to weigh
- The loan balance grows over time and reduces the equity left to heirs
- You must keep up with taxes, insurance, and upkeep or risk default
Frequently asked questions
Do I still own my home with a reverse mortgage?
Yes. You keep the title and continue to live in the home. The loan is repaid later, typically when you sell, permanently move out, or pass away. You remain responsible for taxes, insurance, and maintenance throughout.
How much can I borrow?
It depends on your age, your home's value, the program, and current lending limits and rates. Older borrowers and higher-value homes generally qualify for more. Ask our team for the current figures based on your specific situation.
What is the difference between a HECM and a jumbo reverse mortgage?
A HECM is FHA-insured and capped at a federal lending limit. A jumbo or super-jumbo reverse is a private program built for homes valued above that limit, which can let you access more of your equity. We compare both for you.
Will my heirs be left with debt?
HECMs are non-recourse loans, meaning your heirs generally won't owe more than the home is worth when it's sold. They can also choose to keep the home by repaying the balance. We'll walk your family through the options.
Can I lose my home?
You can if you fail to pay property taxes and insurance, stop maintaining the home, or no longer live there as your primary residence. That's why we make sure you understand the ongoing obligations before you proceed.
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Last updated July 7, 2026 · Reviewed by Christian Penner, NMLS #368289. This page is educational and not a commitment to lend; program details change — ask for current figures.