1,401,176 HECM reverse mortgages insured by FHA since 1989.
Your reverse mortgage options in about 2 minutes. No Social Security number or credit check.
A reverse mortgage lets homeowners 62 and older turn part of their home equity into cash, a line of credit, or monthly income, with no required monthly mortgage payments. You must continue to pay property taxes and homeowners insurance, maintain the home, and meet the other loan terms.
A reverse mortgage is a loan against your home that you don't have to pay back each month. That's the one-sentence version. The rest of this page is the part most people never hear until they're sitting at the closing table.
I'll explain how it works, who it's for, what it costs, what can go wrong, and what happens to your spouse and your heirs. Each section links to a deeper guide, so you can go as far as you want on any topic.
With a regular mortgage, you borrow a big amount and pay it down every month. A reverse mortgage runs the other way. You start with a small balance, or none, and the balance grows as you draw money and as interest and mortgage insurance are added.
There are no required monthly mortgage payments. You must continue to pay property taxes and homeowners insurance, maintain the home, and meet the other loan terms. The loan is repaid later, usually from the sale of the home, when the last borrower or eligible non-borrowing spouse no longer lives there.
If you still have a mortgage, the reverse mortgage pays it off first at closing. Whatever's left is yours to use however you want.
For the step-by-step version, read How a Reverse Mortgage Works. For the full walk-through, from first call to closing, read the Reverse Mortgage Guide.
For a HECM, the FHA-insured reverse mortgage, you generally need to:
There's no minimum credit score set by HUD for a HECM, but the financial assessment matters. If the review shows you might struggle with property taxes and insurance, part of the loan can be set aside to pay them for you. See Reverse Mortgage Financial Assessment.
If you're married and your spouse is under 62, stop here and read the Non-Borrowing Spouse guide first. It changes the math and the planning.
The amount available, called the principal limit, depends on three things:
In the first year, HUD generally limits how much you can take, unless you need more to pay off your mortgage and required costs at closing. That's on purpose. It keeps people from spending everything in year one.
The fastest way to see your number: Get My Estimate.
On an adjustable-rate HECM, you choose:
The unused part of a HECM line of credit grows over time, and the lender can't freeze or reduce it as long as you meet the loan terms. That's why some people set one up early and leave it alone. Read the standby line of credit strategy.
A fixed-rate HECM is different. It's a single lump sum at closing. See Fixed-Rate Reverse Mortgages and Comparing Fixed and Adjustable Reverse Mortgages.
This is the most important section on this page, so I'll be blunt. A reverse mortgage removes the monthly mortgage payment. It doesn't remove the costs of owning a home.
You must:
If those aren't met, the loan can become due. The same is true if you're away from the home for more than 12 consecutive months for health reasons. I talk about this in every first conversation, because it matters more than any rate.
The most common reverse mortgage, insured by FHA. It comes with adjustable or fixed rates, the most ways to take your money, a growing line of credit, and non-recourse protection. See HECM Reverse Mortgage.
One rate for the life of the loan, paid out as a single lump sum at closing. Often used to pay off a large mortgage. See Fixed-Rate Reverse Mortgages.
Buy your next home and set up the reverse mortgage in one closing. You make a down payment, and there are no required monthly mortgage payments after that. You must continue to pay property taxes and homeowners insurance, maintain the home, and meet the other loan terms. See HECM for Purchase.
If you already have a HECM, a refinance may get you more money, a better rate, or add a spouse who's now 62. See Reverse Mortgage Refinance.
Private programs, not insured by FHA, built for higher-value homes. They can reach more equity than the HECM limit allows, generally don't charge FHA mortgage insurance, and set their own rates, ages, and rules. See Proprietary (Jumbo) Reverse Mortgages.
Upfront costs on a HECM usually include an origination fee (capped by HUD), FHA's upfront mortgage insurance, and normal closing costs like title, appraisal, and recording. Over time, interest and annual mortgage insurance are added to the balance. Most costs can be paid from the loan, but they still add to what you owe.
For the details, read Reverse Mortgage Costs. To see the yearly cost over time, read What Is the TALC? And for the honest tradeoffs, read Reverse Mortgage Pros and Cons.
If your spouse is on the loan, nothing changes when one of you passes. The other keeps living there, and the loan keeps working.
If your spouse isn't on the loan, usually because they're under 62, it depends on whether they're an eligible or ineligible non-borrowing spouse. An eligible spouse can generally stay in the home after you're gone. An ineligible spouse can't. Read What is an eligible non-borrowing spouse? and the full Non-Borrowing Spouse guide.
We all know the old line about death and taxes. A reverse mortgage doesn't change either one, but it does mean your heirs have a decision to make.
When the loan comes due, your heirs can sell the home and keep whatever equity is left, keep the home by paying off the loan, or hand it over to the lender if there's no equity. Because a HECM is non-recourse, they don't pay more than the home is worth. Read Reverse Mortgages and Heirs and Will my family lose their inheritance?
In my experience, it's rarely one thing. Here are the uses I see most:
I'll tell you when I think it's the wrong move. It usually is if:
Sometimes a HELOC, a refinance, or selling is the better call. See HECM vs. HELOC, Home Equity and HELOC, and Refinance.
You've probably heard what Suze Orman and Dave Ramsey think, too. I wrote up both, with sources: What Suze Orman Says About Reverse Mortgages and What Dave Ramsey Says About Reverse Mortgages.
Ready when you are: Start My Reverse Mortgage Review.
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Why us
Yes. You keep the title. The lender holds a lien, like any mortgage. See Do I still own my home?
No. Your current mortgage is paid off from the reverse mortgage at closing. See Does my home need to be paid off?
The loan can become due if you stop living there, or don't pay property taxes and insurance or keep up the home. That's why the financial assessment exists.
Generally no. Needs-based programs like Medicaid and SSI can be affected by money you hold. See Will a reverse mortgage affect my Social Security or Medicare?
Yes, generally without a prepayment penalty on a HECM. See Can reverse mortgages be paid off at any time?
It depends on your age, home value, and rates. See How much money would I be eligible for? or get your estimate.
You can start learning and planning now. See I will be 62 in 4 months. Can I start the process today?
A HECM is insured by FHA, part of HUD. ZYNG Mortgage is a mortgage broker and isn't affiliated with HUD, FHA, or any government agency. Proprietary programs come from private lenders.
Our goal has always been to educate first. Bring your spouse, your kids, or your advisor. Ask every question. If a reverse mortgage fits, I'll show you how to set it up well. If it doesn't, I'll tell you that too.
Get My Estimate, Start My Reverse Mortgage Review, or call us at 530-888-6000.
ZYNG Mortgage, Inc., NMLS #76801. A reverse mortgage has no required monthly mortgage payments and uses your home's equity. Fees, mortgage insurance and other costs can be added to the loan balance, and the balance grows over time as interest is added, so your equity typically decreases. When the loan becomes due, the home may need to be sold, or the loan repaid from other funds. Interest is not tax-deductible until it is paid, in part or in full. You keep title to your home and must keep paying property taxes, homeowners insurance and upkeep, and meet the other loan terms; not doing so can make the loan due and could lead to foreclosure.
This material is not from HUD or FHA and was not approved by HUD or a government agency.
HECM count at the top of this page: HUD data through September 2026 (source, opens in a new tab).
