Reverse Mortgage
A reverse mortgage lets eligible homeowners 62 and older convert home equity into cash with no required monthly mortgage payment. It can support retirement income, cover home repairs or care costs, or help buy a new primary residence through HECM for Purchase. Borrowers remain responsible for property taxes, insurance, HOA fees, and upkeep, and every applicant completes HUD-approved counseling before closing.
Use Your Home Equity to Support the Retirement You Want
A reverse mortgage may help eligible homeowners access home equity, improve cash flow, purchase a new primary residence, or create more financial flexibility in retirement.
Talk to a Reverse Mortgage SpecialistWhat is a Reverse Mortgage?
A reverse mortgage is a loan that allows an eligible homeowner to borrow against the equity in their primary residence.
A Home Equity Conversion Mortgage (HECM) is a reverse mortgage insured by the Federal Housing Administration (FHA). With a HECM, you generally do not make required monthly principal-and-interest mortgage payments as long as you meet the loan requirements.
Reverse Mortgage Requirements
- Your property is an eligible type: single-family, FHA-approved condo, 2-4 unit owner-occupied, or qualifying manufactured home
- Borrower is aged 62 or older
- The home is, or will be, your primary residence
- Sufficient equity or required buyer contribution for a purchase
- You can keep up with property taxes, insurance, HOA fees, and maintenance
- You are willing to complete the required HUD counseling
Choose The Path That Fits Your Goals
A reverse mortgage can support different homeownership and retirement plans. Start with the option that best fits your situation.
I Want to Stay in My Home
Accessing a portion of your home equity may help you manage monthly cash-flow needs, rising expenses, medical costs, home repairs, or aging-in-place improvements.
I Want to Buy a New Home
A HECM for Purchase may help eligible buyers age 62 and older purchase a new primary residence with a one-time equity contribution.
This option may help you downsize, move closer to family, or buy a home that better supports your needs.
I Want More Flexibility in Retirement
A reverse mortgage may provide another source of liquidity as part of a broader retirement plan. It could help you manage expenses, preserve other assets, or prepare for future financial needs.
Consider reviewing this option with your financial, tax, or legal advisor based on your individual goals.
How the Reverse Mortgage Process Works
Meet your obligations: Keep paying taxes, insurance, and upkeep to keep the loan in good standing.
Complete HUD-approved counseling: Meet with an independent counselor to review costs, obligations, and alternatives.
Apply and complete a financial assessment: a lender confirms that you can afford property taxes, insurance, and upkeep.
Property appraisal: An FHA appraisal confirms your home’s value and eligibility.
Review the available disbursement options: may include a lump sum, line of credit, scheduled advances, or a combination, depending on the loan structure.
Built-in Safeguards and Program Specifics
HECMs include several consumer protections:
- FHA insurance: HECMs are insured by the FHA and overseen by the U.S. Department of Housing and Urban Development.
- Independent counseling: Required counseling helps prospective borrowers review the costs, responsibilities, and alternatives.
- Financial assessment: Lenders evaluate whether borrowers can meet ongoing property-related obligations.
- Non-recourse protection: Borrowers or their estates generally will not have to pay more than the home’s value when the loan is resolved, in accordance with program rules.
- Eligible non-borrowing spouse provisions: Certain spouses who are not borrowers may qualify for a deferral period when program conditions are met.
For FHA case numbers assigned in 2026, the nationwide HECM maximum claim amount is $1,249,125. This figure is not the amount every borrower can receive. Available proceeds vary according to the borrower, property, and loan structure.
Is a Reverse Mortgage Right For You?
Reach out if:
- You are worried about retirement cash flow
- You want to remain in your home
- You are planning a move after age 62
- You want to compare a reverse mortgage with a HELOC or a traditional mortgage
- You are helping a parent understand their options
The first conversation should be educational and low-pressure. It is an opportunity to ask questions, compare choices, and decide whether further evaluation makes sense.
Schedule a Conversation With GO MortgageNot 62 Yet? You May Still Qualify
Age 62 is the minimum for a HECM, but it is not the only reverse mortgage option. Proprietary reverse mortgages, sometimes called jumbo reverse mortgages, now make up more than half of all reverse mortgage volume nationwide, and many of these programs allow borrowers as young as 55 to qualify.
Minimum age requirements vary by state and by product. Some states, including Massachusetts, New York, and Washington, set the proprietary minimum at 60. Others, like Texas and North Carolina, hold to 62. Not every state has approved proprietary reverse mortgage products yet, though more are doing so each year.
*Minimum age and product availability vary by state. Call us to find out what you may qualify for based on where you live.
FAQ: Reverse Mortgages
No. You retain the title and remain the owner. The lender places a lien against the home as security for the loan.
Possibly. Existing mortgage debt and certain other required obligations generally must be paid at closing using reverse mortgage proceeds or other available funds.
The loan generally becomes due upon the last borrower’s death, although an eligible non-borrowing spouse may qualify to remain in the home under specific conditions. Heirs may be able to repay the balance, sell the property, or transfer it to the lender.
Yes. HECM for Purchase may allow an eligible buyer to combine a required cash contribution with HECM proceeds to purchase a primary residence.
No. Homeowners may evaluate reverse mortgages for many reasons, including cash-flow needs, home improvements, relocation, or broader retirement planning.
You must occupy the property as your primary residence, pay required property charges, maintain the home, and comply with the loan terms.
Disclosures
Programs vary by state. All loans subject to credit approval and property eligibility. GO Mortgage is an Equal Housing Lender. NMLS information available upon request.