Unlock Your Home’s Value With a Reverse Mortgage
A reverse mortgage is a safe way to help turn your home equity into tax-free cash. No monthly payments required while you live in your home. View your free estimate using our calculator below!
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Why Choose a Reverse Mortgage?
Tax-Free Cash
Access your home equity as tax-free funds to use however you choose - no restrictions on how you spend it.
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Stay in Your Home
Continue living in your home as long as you maintain it and pay property taxes and insurance.
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No Payments
Unlike traditional mortgages, you make no required monthly mortgage payments while living in your home.
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FHA Protection
Government-insured HECM loans provide consumer protections and guarantee you'll never owe more than your home's value.
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Spouse Protection
Non-borrowing spouses can remain in the home even after the borrower passes away, with proper planning.
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Flexible Access
Choose how to receive your funds: lump sum, monthly payments, line of credit, or a combination.
1
How It Works
Free Consultation
Speak with our reverse mortgage specialist to understand your options and get a personalized quote.
2
Required Counseling
Complete HUD-approved counseling to ensure you understand all aspects of the reverse mortgage.
3
Application & Approval
Submit your application with our help. We'll guide you through the underwriting process.
4
Closing & Funding
Close on your reverse mortgage and receive your funds in the method you've chosen.
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Reverse Mortgage Eligibility Requirements
You must be at least 62 years old to qualify for a reverse mortgage. If you're married, the youngest spouse must be 62 or older. However, younger spouses can be protected as "non-borrowing spouses" and remain in the home even after the older spouse passes away.
Age Requirements for Reverse Mortgages
Reverse Mortgage Equity Requirements
While there isn’t a specific equity requirement, you must own your home outright or have paid down a large amount of your mortgage. The more equity you have, the more money you can potentially borrow through your reverse mortgage.
For example, if your home is worth $400,000 and you owe $100,000, you have 75% equity ($300,000 ÷ $400,000).
Reverse Mortgage Property Requirements
Your home must be your primary residence where you live most of the year. Eligible property types include:
Single-family homes
2-4 unit properties (if you live in one unit)
FHA-approved condominiums
Townhomes
Manufactured homes built after 1976
Vacation homes and investment properties don't qualify for reverse mortgages.
Financial Assessment for Reverse Mortgages
Lenders must verify you can afford ongoing homeownership costs, including:
Property taxes
Homeowners insurance
HOA fees (if applicable)
Basic home maintenance
If you don't meet the financial assessment, your lender may set aside part of your loan proceeds to pay these expenses automatically.
Reverse Mortgage Counseling Requirements
All borrowers must complete HUD-approved reverse mortgage counseling before applying. This free session covers:
How reverse mortgages work
Total costs and fees
Alternatives to consider
Your responsibilities as a borrower
Credit Requirements for Reverse Mortgages
Good news: reverse mortgages have no minimum credit score requirements. Lenders will review your credit history during the financial assessment, but poor credit won't automatically disqualify you from getting a reverse mortgage.
Frequently Asked Questions
Frequently Asked Questions
How much money can you get from a reverse mortgage?
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.
Do you pay taxes on reverse mortgage money?
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.
What is a reverse mortgage and how does it work?
A reverse mortgage lets homeowners 55 and older 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.
Are reverse mortgages safe and legitimate?
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.
Are reverse mortgages a good idea for seniors?
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.
Can you lose your home with a reverse mortgage?
You keep ownership of your home and cannot lose it as long as you:
Live in the home as your primary residence
Pay property taxes and homeowners insurance on time
Keep the home in good condition
What happens to a reverse mortgage when you die?
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.
Can your spouse stay in the home after you die?
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.
Is a reverse mortgage worth it in 2025?
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!
How long does it take to get a reverse mortgage?
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.
Can you pay off a reverse mortgage early?
Yes, you can pay off your reverse mortgage anytime without prepayment penalties. You can make partial payments or pay it off completely.