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National Mortgage Guides

Use your home's equity, with no monthly mortgage payment.

A HECM reverse mortgage is for homeowners 62 and older. You keep your home and still pay taxes, insurance and upkeep.

How old is the youngest homeowner?

Include a spouse, even one who isn't on the title.

Free, about two minutes. We ask for contact details only at the last step.

  • Free, With No ObligationAsking costs nothing.
  • No Credit Check to StartAnswering our questions never touches your credit.
  • One Licensed LenderYou see the lender's name before you share your number, and only that lender gets it.
  • Straight AnswersPlain-English guides with sources from HUD, FHA, VA and the CFPB.

Who It's For

Homeowners 62 and older who have equity in their home and want to borrow against it without monthly mortgage payments, while they keep living there.

A retired couple talking over coffee on the porch of a brick ranch house

What to Know

How It Works

  1. Answer a Few Questions

    Your age, your ZIP code and your home. About two minutes, with no contact details until the last step.

  2. See Your Estimate

    A range worked out from HUD's own tables. Always an estimate, never an offer.

  3. Hear From One Licensed Lender

    If you choose to send your request, one named lender licensed in your state reaches out. You decide what happens next.

Four Things You Can Check

  • The Lender's License

    You see the lender's name and NMLS ID before you share your number. Anyone can look a lender up on NMLS Consumer Access.

    Look Up a Lender's License

  • How We Get Paid

    Lenders pay us a flat fee when you ask to be contacted. You never pay us. The fee is the same whether or not you take out a loan.

    Read How We Get Paid

  • Who Gets Your Request

    One lender, named on the form before you send it. Every lender who may get a request is listed with its NMLS ID.

    See Our Lender Partners

  • Our Sources

    Every guide ends with a list of its sources, such as HUD, the CFPB, Fannie Mae and Freddie Mac.

    Browse the Guides

Common Questions

What does a HECM cost?

At closing, FHA charges a mortgage insurance premium of 2 percent of the home value counted for the loan. After that, a yearly premium of 0.5 percent of the balance is added. The lender's origination fee is $6,000 or less, plus other closing costs such as the appraisal and title. You can pay these from the loan, but that leaves you less to use.

Will my heirs owe more than the home is worth?

No. If the balance grows larger than the home's value, your heirs won't have to pay more than 95 percent of the appraised value. FHA mortgage insurance covers the rest. After the loan comes due, they have 30 days to buy the home, sell it or turn it over to the lender, and that time may be extended up to six months.

How can I get the money?

HUD's rules allow monthly payments for a set number of months, monthly payments for as long as you live in the home, a line of credit you draw from when you choose, or a mix of payments and a line of credit. A single lump sum is only possible with a fixed-rate HECM.

Learn More

By National Mortgage Guides

Sources

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