Frequently Asked Questions

  • A reverse mortgage lets homeowners 55+ convert home equity into cash without selling their home or making monthly payments. Instead of paying the lender each month, the lender pays you. The loan is repaid when you sell, move, or pass away.

  • Yes, reverse mortgages are safe when you work with HUD-approved lenders like Access Home Lending (NMLS #2625502). HECM reverse mortgages are government-insured and include important protections. You can never owe more than your home’s value.

  • Reverse mortgages can be a good idea if you need retirement income and plan to stay in your home long-term. They work best for seniors who can afford property taxes, insurance, and maintenance costs.

  • The amount depends on your age, home value, and current interest rates. Most borrowers can access 35%-60% of their home’s value. Older borrowers typically qualify for larger amounts. Use our reverse mortgage calculator above to get your estimate.

  • No, reverse mortgage proceeds are not taxable income. The IRS treats the money as a loan advance, not income, so it won’t affect your Social Security or Medicare benefits.

  • You keep ownership of your home and cannot lose it as long as you:

    • Live in te home as your primary residence

    • Pay property taxes and homeowners insurance on time

    • Keep the home in good condition

  • When you pass away, your heirs have several options:

    • Sell the home and keep any remaining equity

    • Pay off the reverse mortgage and keep the home

    • Walk away if the loan exceeds the home’s value

    Your heirs never owe more than the home’s appraised value.

  • Yes, spouses can remain in the home if they’re listed as a co-borrower or eligible non-borrowing spouse. Proper planning during application ensures spousal protection.

  • A reverse mortgage may be worth it if you:

    • Need additional retirement income

    • Want to age in place

    • Have substantial home equity

    • Can afford ongoing property expenses

    You can call or use the calculator above for personalized information

  • The reverse mortgage process typically takes 3-6 weeks, including application, required counseling, home appraisal, underwriting, and closing. However, it is important to note that the exact time varies from application to application.

  • Yes, you can pay off your reverse mortgage anytime without prepayment penalties. You can make partial payments or pay it off completely.