A reverse mortgage can turn part of a home's equity into available money without requiring regular monthly mortgage payments. The tradeoff is that interest and fees can build into the balance, leaving less equity later. The useful question is what that change would accomplish in your overall housing and retirement plan.

This guide focuses on federally insured Home Equity Conversion Mortgages, or HECMs, for qualifying homeowners aged 62 or older. The loan is secured by your home. You must still meet property-tax, insurance, maintenance, and residence requirements; failure to meet obligations can lead to the loan becoming due and possible foreclosure.

Choose your main goal to review the relevant questions. A preference does not establish eligibility or make borrowing the right choice. HECM counseling from a HUD-approved agency is required, and it is an opportunity to compare the loan with other ways of meeting the same need.

What is your main goal?

Choose the goal behind your reverse mortgage research to review relevant costs, obligations, and alternatives. Eligibility requires a separate assessment.

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