Reverse Mortgages: The Ultimate Guide

Funding retirement can be a significant challenge for many older homeowners, as their home equity often represents their largest asset. A reverse mortgage may be a potential solution for homeowners aged 62 and older, allowing them to access this equity without having to sell their home or take on traditional monthly loan payments.

This guide aims to provide a clear and comprehensive explanation of reverse mortgages. It will help you determine whether this financial tool aligns with your needs and circumstances. We will cover the different types of reverse mortgages, how they work, eligibility criteria, associated costs, potential benefits and drawbacks, ongoing responsibilities, and the impact on your heirs.

Key Takeaways

• Access Equity Without Selling: A reverse mortgage enables homeowners aged 62 or older to convert their home equity into cash without the need to sell their home or make traditional monthly payments on the reverse mortgage itself.
• Ongoing Homeowner Costs Remain: Borrowers must continue to pay property taxes and homeowners insurance while also maintaining the home.
• Loan Balance Grows, Equity Shrinks: The amount owed generally increases over time due to interest and fees added to the loan balance, which diminishes the homeowner’s equity.
• HECMs are Most Common: Home Equity Conversion Mortgages (HECMs) are the most common type of reverse mortgage. It’s insured by the FHA and features a non-recourse clause that ensures heirs won’t owe more than the home’s value when sold to repay the debt.
• Eligibility & Counseling: To be eligible, individuals must be 62 years or older, have significant home equity, use the home as a principal residence, and complete a financial assessment. Mandatory counseling is required for Home Equity Conversion Mortgages (HECMs) to ensure a proper understanding of the program.
• Significant Costs Involved: Reverse mortgages come with costs, including origination fees, mortgage insurance premiums for HECMs, servicing fees, and accruing interest, all of which can be included in the loan.
• Loan Repayment Triggers: The loan typically becomes due when the last borrower sells the home, permanently relocates, passes away, or does not meet loan obligations.
• Pros and Cons to Weigh: Benefits include remaining in your home while receiving funds that are generally tax-free. However, drawbacks consist of diminishing equity, continued costs, and potential impact on heirs.
• Consider Alternatives: Before selecting a reverse mortgage, consider alternatives such as home equity loans, HELOCs, downsizing, or government assistance programs.

What is a Reverse Mortgage? Demystifying the Basics

Before exploring the complexities of a reverse mortgage, it’s important to understand its fundamental nature. This type of loan is designed specifically for older homeowners and functions differently from traditional mortgages that most people know. Grasping these basic concepts is the first step in determining whether a reverse mortgage could be a beneficial part of your retirement financial strategy.

Defining a Reverse Mortgage: Beyond the “Opposite” Loan

A reverse mortgage is a specialized loan available exclusively to homeowners aged 62 years or older. Unlike a traditional forward mortgage, where you make regular payments to a lender to reduce your debt, a reverse mortgage operates in the opposite manner.

In this case, the lender makes payments to you, or you can receive a lump sum or a line of credit based on a portion of your home’s equity. The funds obtained can be used for various purposes, such as supplementing retirement income, covering healthcare expenses, or managing general living costs.

The “No Monthly Mortgage Payments” Clarified

One of the most appealing features of a reverse mortgage is that, in general, you do not have to make monthly principal and interest payments on the loan itself. This can free up significant cash flow for other needs. However, it is essential to understand that while payments on the reverse mortgage loan balance are usually not required, you remain fully responsible for all ongoing homeownership costs.

These costs include property taxes, homeowners insurance, any applicable association dues, and maintaining the home in good condition. Failing to meet these obligations can lead to loan default and, ultimately, foreclosure.

Understanding How Your Loan Balance and Equity Change

With a reverse mortgage, the amount you owe generally increases over time. This happens because the interest on the borrowed funds, along with any loan fees such as mortgage insurance and servicing fees, is added to the loan balance each month.

As a result, while you may be receiving funds, your debt is growing, and your home equity is decreasing.

Exploring the Different Types of Reverse Mortgages

Reverse mortgages are not a one-size-fits-all solution; there are several types, each with unique features, benefits, and drawbacks. The most appropriate option will depend on your specific circumstances, financial needs, and the value of your home. Understanding these differences is crucial for choosing the right option for your situation.

Home Equity Conversion Mortgages (HECMs): The Most Common Option

Home Equity Conversion Mortgages (HECMs) are the most common type of reverse mortgage, making up approximately 95% of all such loans. HECMs are unique because they are the only reverse mortgages insured by the U.S. federal government, specifically through the Federal Housing Administration (FHA). These loans are available exclusively from FHA-approved lenders.

The federal insurance provided with HECMs offers significant consumer protections. One of the most important features is the non-recourse clause, which ensures that you or your heirs will never owe more than the appraised value of your home when the loan is settled to repay the debt. Additionally, the FHA insurance guarantees that you will continue to receive your loan payments (if applicable) even if your lender encounters financial difficulties.

There is also a “HECM for Purchase” program that allows seniors to buy a new primary residence and obtain a reverse mortgage at the same time.

Proprietary Reverse Mortgages: Solutions for Higher-Value Homes

Proprietary reverse mortgages are provided by private lending institutions and are not insured by the FHA. These loans are often designed for homeowners whose properties have values exceeding the FHA’s HECM loan limits. As a result, proprietary reverse mortgages can potentially offer larger loan amounts.

Some proprietary programs may have more flexible age requirements, sometimes allowing homeowners as young as 55 to qualify. An advantage of these loans is that they typically do not require FHA mortgage insurance premiums (MIP), which can lead to lower upfront costs compared to HECMs. However, these benefits might come with higher interest rates and less federal regulation. While many proprietary reverse mortgages include a non-recourse feature, this is determined by the lender and is not federally backed.

Single-Purpose Reverse Mortgages: Limited Use, Lower Cost

Single-purpose reverse mortgages are a less common and more restrictive type of loan, typically offered by certain states or local government agencies and some non-profit organizations. As the name suggests, the funds from these loans can only be used for one specific purpose designated by the lender, such as home repairs or property tax payments.

These loans are generally considered the least expensive option among reverse mortgages, often featuring lower interest rates and fewer fees. However, their availability is limited to specific geographic areas and particular programs, making them harder to find and often targeting homeowners with modest incomes.

Quick Comparison: HECM vs. Proprietary vs. Single-Purpose

When comparing the main types of reverse mortgages, several key distinctions emerge.

• Home Equity Conversion Mortgages (HECMs) are loans insured by the Federal Housing Administration (FHA). To qualify, borrowers typically need to be 62 years or older. HECM loan limits are based on the maximums set by the FHA. Funds from a HECM can be used for any purpose. However, these loans require both upfront and annual mortgage insurance premiums (MIP), and borrowers must undergo HUD-approved counseling.
• Proprietary reverse mortgages, unlike FHA-insured options, are offered by private lenders and are not backed by the Federal Housing Administration. While these loans generally require borrowers to be at least 62 years old, some proprietary programs may allow borrowers as young as 55. Additionally, they can provide loan amounts that exceed FHA limits, sometimes surpassing $1 million. A key distinction is that proprietary loans typically do not require mortgage insurance premiums, and while counseling is not always mandated by federal law, it is generally recommended.
• Single-purpose reverse mortgages are usually not insured by the FHA and generally target borrowers who are 62 years of age or older. These loans typically have lower limits, which are linked to the specific purpose for which the loan is approved. The funds are restricted to particular uses, such as home repairs or property taxes. Additionally, these loans typically do not require mortgage insurance, though counseling may be recommended, and requirements can vary.

How Do Reverse Mortgages Actually Work? The Mechanics Explained

Understanding how a reverse mortgage works is essential for making an informed decision. It’s important to know how you receive funds, how the loan balance increases, and when the loan must be repaid. The flexibility in accessing these funds is a significant benefit; however, it requires careful planning. The methods by which the loan balance grows and the conditions for repayment are key aspects of this financial product.

Accessing Your Funds: Payment Plan Options

Borrowers typically have several options for receiving loan proceeds, and the best choice depends on their individual financial needs. Common options include:

• A lump sum payment, where you receive all or a significant portion of the funds at closing, often associated with a fixed interest rate.
• Regular monthly payments, which can be for a specific term or for as long as you live in the home (tenure payments).
• A line of credit providing flexible access to funds as needed, with interest accruing only on the amount withdrawn.

Many Home Equity Conversion Mortgages (HECMs) allow for a combination of these methods. However, regulations for HECMs may limit withdrawals in the first year, generally up to 60% of the principal limit. This is to help ensure that the funds last longer.

The Growing Loan Balance: What Adds Up?

A key feature of a reverse mortgage is that the loan balance, or the total amount you owe, usually increases over time. This increase happens because cash advances, accrued interest, mortgage insurance premiums (for Home Equity Conversion Mortgages – HECMs), servicing fees, and any other closing costs that are financed are all added to your loan balance.

Interest accrues not only on the cash you receive but also on the previously accrued interest and financed fees, which creates a compounding effect. Essentially, you pay interest on both the cash you borrowed and the previously accumulated interest and fees. This can lead to a significant growth in the loan balance over the years.

When is the Loan Repaid? Understanding Maturity Events

A reverse mortgage does not require repayment as long as you meet the loan’s terms. However, it will eventually become due and payable under certain “maturity events.” Generally, the loan must be repaid in full when the last surviving borrower sells the home, permanently moves out, or passes away.

To qualify, the home must be your principal residence. If you permanently move to a nursing home, the loan will become due; however, for Home Equity Conversion Mortgages (HECMs), you can be absent in a healthcare facility for up to 12 consecutive months without triggering repayment.

Additionally, the loan may become due sooner if you fail to pay property taxes, maintain homeowners insurance, or keep the home in good repair.

Are You Eligible? Qualifying for a Reverse Mortgage

To qualify for a reverse mortgage, you must meet certain criteria regarding your age, the type of home you own, your financial situation, and your willingness to undergo counseling. These requirements ensure that the loan is appropriate for you and that your property meets specific standards. Additionally, lenders will evaluate your financial ability to manage ongoing homeownership costs.

Core Eligibility: Age, Homeownership, and Residency

For most reverse mortgages, especially Home Equity Conversion Mortgages (HECMs), the youngest borrower on the title, or an eligible non-borrowing spouse for HECMs, must be at least 62 years old.

To qualify for a reverse mortgage, you must either own your home outright or have a very low mortgage balance that can be paid off at closing using the proceeds from the reverse mortgage.

The reverse mortgage must be the primary lien on the property. Additionally, you need to have significant equity in your home, typically around 50%, although this can vary based on several factors. It’s also important to note that the home securing the loan must be your principal residence, meaning you live there for most of the year.

What Types of Properties Qualify?

For Home Equity Conversion Mortgages (HECMs), the property must generally meet the standards set by the Federal Housing Administration (FHA). Eligible properties typically include single-family homes, two- to four-unit properties where the owner occupies one of the units, townhouses, and Planned Unit Developments (PUDs).

For condominiums, the entire project must be approved by the Department of Housing and Urban Development (HUD); individual units alone do not qualify. Manufactured homes may also qualify if they meet specific FHA/HUD guidelines.

Furthermore, the property must be in reasonably good condition. If an appraisal reveals any necessary repairs, these generally must be completed before closing, and funds may be set aside from the reverse mortgage to cover these costs.

The Financial Assessment: Can You Meet Ongoing Obligations?

Since 2015, lenders have been required to conduct a thorough financial assessment of all Home Equity Conversion Mortgage (HECM) applicants to determine their financial ability and willingness to meet ongoing loan obligations, such as property taxes, homeowners insurance, and home maintenance.

This assessment includes a review of your credit history, focusing on your payment history for housing-related expenses, as well as documentation of your income, assets, and monthly living expenses.

A poor credit history or limited income does not automatically disqualify you, as extenuating circumstances may be taken into consideration. However, if the assessment indicates potential difficulties, the lender may require a Life Expectancy Set-Aside (LESA). This means that a portion of your reverse mortgage funds will be set aside to cover these payments on your behalf, which will reduce the net loan proceeds available to you.

Mandatory HECM Counseling: Your Right to Be Informed

Before submitting an application for an FHA-insured Home Equity Conversion Mortgage (HECM), it is crucial to complete a counseling session with an independent, HUD-approved housing counseling agency. This session is an important consumer protection measure that ensures you fully understand how reverse mortgages work, including the loan terms, costs, your responsibilities, and possible alternatives.

The counselor acts as a neutral third party, and the cost of the session typically ranges from $75 to $199. Some agencies may offer reduced or waived fees based on financial need. Additionally, the counseling fee can sometimes be included as part of the loan, but only under specific conditions.

Once you complete the counseling session, you will receive a counseling certificate, which is required for your Home Equity Conversion Mortgage (HECM) application.

The Price Tag: A Detailed Look at Reverse Mortgage Costs and Fees

Reverse mortgages, like all loans, come with various costs and fees that can be significant, affecting the total amount you borrow and ultimately repay. Many of these costs can be rolled into the loan, meaning they are added to your loan balance and accrue interest over time. This approach reduces your upfront expenses but increases the long-term cost.

Key HECM Costs to Understand

Key costs associated with Home Equity Conversion Mortgages (HECMs) include several fees that are important to understand.

First, there is the origination fee, which is charged by the lender for processing the loan. This fee is regulated by the Federal Housing Administration (FHA) and is calculated as follows: 2% of the first $200,000 of your home’s value plus 1% of the amount exceeding $200,000, with a cap of $6,000.

Since HECMs are insured by the FHA, borrowers are also required to pay mortgage insurance premiums (MIP). This includes an upfront MIP, which is typically 2% of the home’s appraised value or the FHA limit—whichever is lower—and an ongoing annual MIP of 0.5% of the outstanding loan balance each year.

In addition, monthly servicing fees, generally around $30 to $35, are charged for managing your account and are usually added to the loan balance.

Interest on the outstanding balance, which includes any funds received, financed fees, and previously accrued interest, accrues monthly and is added to your loan balance.

HECMs offer both adjustable and fixed interest rates. Adjustable rates are the most common, allowing for flexible payment options, while fixed rates typically require a lump sum withdrawal.

Other standard closing costs, similar to those for traditional mortgages, can add several thousand dollars to your expenses. These costs may include appraisal fees (approximately $450 or more), title insurance, recording fees, surveys, pest inspections, flood certification, and document preparation fees.

Understanding the Total Annual Loan Cost (TALC) Disclosure

To better compare offers from various lenders, you should receive a Total Annual Loan Cost (TALC) disclosure.

The TALC rate represents the projected average annual cost of the reverse mortgage, including all itemized expenses such as interest, mortgage insurance premiums (MIP), origination fees, servicing fees, and other closing costs. This disclosure is an essential tool for comparing different loan offers on a consistent basis and should be carefully reviewed with your Home Equity Conversion Mortgage (HECM) counselor.

Weighing Your Options: The Pros and Cons of Reverse Mortgages

A reverse mortgage can be a valuable financial tool for some seniors, but it is not suitable for everyone. It is essential to carefully weigh the potential benefits against the drawbacks. This process involves considering your personal financial situation and long-term goals.

Potential Benefits for Seniors

Reverse mortgages can provide several advantages, such as supplementing retirement income to cover living expenses or unexpected costs. One of the most significant benefits is that they allow seniors to access their home equity while continuing to live in their familiar homes, which helps them “age in place” without the need to sell or relocate.

Borrowers typically are not required to make monthly principal and interest payments on the reverse mortgage itself. Additionally, the funds received from a reverse mortgage are usually not subject to federal income tax, as they are considered loan proceeds rather than income. For Home Equity Conversion Mortgages (HECMs) and most proprietary loans, the proceeds can be used for any purpose, you retain ownership of your home, and the non-recourse feature ensures that you or your heirs will not owe more than the home’s net sale proceeds.

Potential Drawbacks and Risks to Consider

Despite their benefits, reverse mortgages come with significant drawbacks. One major issue is that your home equity decreases over time as the loan balance increases due to cash advances, accrued interest, mortgage insurance premiums (MIP), and fees. The upfront costs can also be quite high, including origination fees, MIP (for Home Equity Conversion Mortgages), and other closing costs. This can make reverse mortgages an expensive option for borrowing, especially if the loan is held for a short period.

The “House Rich, Cash Poor” Dilemma

Reverse mortgages are often considered by seniors who are “house rich but cash poor,” meaning they have substantial wealth tied up in their home equity but limited liquid income. A reverse mortgage can help by converting home equity into usable cash; however, it does this by depleting the home’s equity. This decision requires careful consideration of how and when to use one’s largest asset, involving important trade-offs for future housing flexibility and estate planning.

FAQs

What is a reverse mortgage?

A reverse mortgage is a specialized loan designed for homeowners aged 62 or older, allowing them to convert a portion of their home equity into cash. Unlike a traditional “forward” mortgage, where you make regular payments to a lender to reduce your debt, a reverse mortgage generally involves the lender making payments to you. You can receive these funds as a lump sum, through monthly payments, or as a line of credit based on your home’s equity.

The funds obtained through a reverse mortgage can be used for various purposes, such as supplementing retirement income, covering healthcare expenses, or paying for home maintenance. One of the most appealing features of a reverse mortgage is that you typically do not have to make monthly principal and interest payments on the loan as long as you continue to live in the home as your primary residence and meet all loan obligations. The loan balance usually grows over time and is typically repaid when the last borrower sells the home, permanently moves out, or passes away.

Who is eligible for a reverse mortgage?

To be eligible for the most common type of reverse mortgage, called a Home Equity Conversion Mortgage (HECM), the youngest borrower listed on the title (or an eligible non-borrowing spouse) must generally be at least 62 years old. You must either own your home outright or have a very low mortgage balance that can be paid off at closing using the proceeds from the reverse mortgage. This requirement ensures that the reverse mortgage is the primary lien on the property.

Additionally, the home securing the reverse mortgage must be your principal residence, meaning you must live in it for the majority of the year. The property must also meet Federal Housing Administration (FHA) standards if it’s an HECM, and you must not be delinquent on any federal debt.

Lenders are required to conduct a thorough financial assessment of all HECM applicants to determine if you have the financial willingness and capacity to meet ongoing loan obligations, which include paying property taxes, homeowners insurance, and maintaining the home. Finally, for HECMs, you must complete a counseling session with an independent, HUD-approved housing counseling agency before you can submit an application.

How much money can I get from a reverse mortgage?

The amount of money you can borrow through a reverse mortgage is influenced by several key factors. These include the age of the youngest borrower (or an eligible non-borrowing spouse in the case of Home Equity Conversion Mortgages), current interest rates, and either the appraised value of your home or the FHA HECM loan limit—whichever is lower.

Typically, older borrowers with more valuable homes and lower interest rates can access larger loan amounts. It’s important to note that if you have an existing mortgage, it must be paid off using the proceeds from the reverse mortgage, which will decrease the net cash available to you. Additionally, during the lender’s financial assessment, a Life Expectancy Set-Aside (LESA) may be required if it is determined that you may have difficulty paying future property taxes and insurance.

How do I receive the money from a reverse mortgage?

Borrowers typically have several flexible options for receiving the proceeds from a reverse mortgage, and the best choice depends on individual financial needs and goals. One option is a lump sum payment, where you can receive all or a significant portion of the available loan funds in a single payment at closing. This option is often associated with a fixed interest rate.

Another choice is to receive regular, fixed monthly payments. These can be structured as “term payments” for a specific period (e.g., 10 years) or “tenure payments” for as long as you live in the home as your primary residence.

A popular option is a line of credit, which provides a flexible credit line that you can draw upon as needed, up to a pre-approved limit. You only accrue interest on the amount you actually withdraw.

Additionally, many reverse mortgage programs, particularly Home Equity Conversion Mortgages (HECMs), also allow borrowers to combine these payment methods. For example, you might take an initial small lump sum for immediate needs and then establish a line of credit or receive regular monthly payments.

For HECMs, there are regulations that may limit the amount of money you can withdraw in the first year of the loan, generally up to 60% of the principal limit. More funds may be available if needed to pay off existing mandatory obligations.

Do I still own my home if I get a reverse mortgage?

You retain both the title and ownership of your home for the duration of the reverse mortgage loan. A common misconception is that the lender gains ownership of your home when you take out a reverse mortgage. However, the lender only places a lien on the property to secure the loan, which is similar to the process with a traditional mortgage.

You will continue to own your home as long as you meet all loan obligations. These obligations include paying property taxes and homeowners insurance, maintaining the home in good condition, and living in it as your primary residence.

What are my responsibilities with a reverse mortgage?

Although a reverse mortgage typically does not require monthly principal and interest payments, you, as the borrower, have several important responsibilities to keep the loan in good standing. One of the most critical obligations is to pay all property taxes and any special assessments on your property on time and in full. Additionally, you must maintain adequate homeowners insurance, which includes flood insurance if your home is located in a designated flood zone.

Furthermore, you are required to keep the home in accordance with the standards set by the lender, as well as those established by the FHA/HUD for Home Equity Conversion Mortgages (HECMs). This means the home must remain safe, habitable, and structurally sound. The property secured by the reverse mortgage must also be your principal residence, which means you need to live in it for the majority of the year. If you fail to meet any of these obligations, it may be considered a loan default, and the lender could initiate foreclosure proceedings.

When does a reverse mortgage have to be repaid?

A reverse mortgage does not require repayment as long as you meet the loan terms. However, the loan will eventually become due and payable under certain circumstances, referred to as “maturity events.”

Typically, the loan must be repaid in full when the last surviving borrower (or, in some Home Equity Conversion Mortgage cases, an eligible non-borrowing spouse) sells the home. If you permanently move out of the home, the loan also becomes due. This includes moving to a nursing home or assisted living facility permanently. However, HECMs have provisions that allow for temporary absences, such as being away for up to 12 consecutive months due to healthcare needs.

The loan also becomes due upon the death of the last surviving borrower or eligible non-borrowing spouse. Additionally, the loan can become due sooner if you fail to meet your ongoing obligations as a borrower. These essential responsibilities include paying property taxes, maintaining homeowners insurance, and keeping the home in good repair according to lender and FHA/HUD standards. Failing to comply with any of these obligations can result in loan default and potential foreclosure.

Are reverse mortgages expensive?

Reverse mortgages can have significant upfront and ongoing costs, which may make them more expensive than other forms of borrowing, especially if the loan is held for a short period.

Upfront costs for Home Equity Conversion Mortgages (HECMs) typically include an origination fee, a mortgage insurance premium (MIP), appraisal fees, and other standard closing costs such as title insurance and recording fees. These expenses can amount to several thousand dollars and are often financed into the loan, meaning they will accrue interest over time.

Ongoing costs consist of an annual MIP (for HECMs), monthly servicing fees, and the interest that accrues on the loan balance. Since these costs are added to the loan balance, the total amount owed increases over time, which further reduces home equity.

It is crucial for prospective borrowers to understand all the fees involved, which should be clearly outlined in a Total Annual Loan Cost (TALC) disclosure provided by the lender.

Is reverse mortgage counseling required?

Yes, counseling from a HUD-approved agency is mandatory for all Home Equity Conversion Mortgages (HECMs), which are the most common type of reverse mortgage and are insured by the FHA. This counseling serves as a vital consumer protection measure intended to ensure that potential borrowers fully understand how reverse mortgages operate, the specific terms of the loan they are considering, all associated costs, their responsibilities as borrowers, and any potential alternatives that might better suit their situation.

After completing the session with an independent, HUD-approved counselor, you will receive a counseling certificate. This certificate must be provided to the lender when you apply for the HECM. While counseling may not always be federally required for proprietary reverse mortgages (which are not FHA-insured), it is still highly recommended to seek independent financial advice for any type of reverse mortgage to make an informed decision.

Conclusion

Reverse mortgages are complex financial tools that allow eligible senior homeowners to access their home equity without having to sell their homes or make monthly mortgage payments on the loan. They can provide essential financial flexibility, enabling seniors to “age in place,” supplement their income, or cover significant expenses. The most common type, the FHA-insured Home Equity Conversion Mortgage (HECM), includes important consumer protections, such as mandatory counseling and a non-recourse feature.

However, these benefits come with significant costs and ongoing responsibilities, including the payment of property taxes and insurance. Failure to meet these obligations can lead to foreclosure. Additionally, as the loan balance increases, home equity diminishes, which can affect potential inheritance.

Because of these factors, it’s crucial to have a thorough understanding of how reverse mortgages work. Carefully consider the pros and cons, and honestly assess your ability to meet ongoing obligations as a borrower.

Marimark Mortgage

Marimark Mortgage is based in Tampa, Florida, and serves the mortgage needs of homebuyers, homeowners, and investors in Florida, Virginia, and Pennsylvania.

We specialize in conventional home mortgages, FHA, VA, and USDA mortgage options, refinance loans, and reverse mortgages. We’ve worked extensively with cash-out refinancing and help clients to lower their monthly mortgage payments.

To get started with a mortgage to buy your next home, please fill out our Quick Mortgage Application, or contact us direct.

Resources for Additional Research

• Home Equity Conversion Mortgages for Seniors (HUD)
• Reverse mortgage loans (CFPB)
• A Guide to Reverse Mortgages for Older Adults (NCOA)
• Reverse Mortgages (FTC)
• FHA Mortgage Limits List – HECM (HUD)

 

Updated: June 4, 2025