1,401,176 HECM reverse mortgages insured by FHA since 1989.
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Reverse mortgage question
A reverse mortgage is a loan against your home where repayment is put off until later, usually when the home is sold after you move out or pass away. Instead of you paying the lender every month, you can receive money as a lump sum, monthly payouts, a line of credit, or a mix. There are no required monthly mortgage payments, but you must continue to pay property taxes and homeowners insurance, maintain the home, and meet the other loan terms. The most common type is the FHA-insured HECM, for homeowners 62 and older.
A reverse mortgage is a loan secured by your home, where repayment is put off until later, typically when the home is sold. It's still a mortgage. You still own your home. What's different is the direction the money flows.
There are two big differences.
The payments are reversed. With a regular mortgage, you make a payment to the bank every month. With a reverse mortgage, there are no required monthly mortgage payments. Instead, you can receive money: a lump sum, monthly payouts to you, a line of credit, or a mix. You must continue to pay property taxes and homeowners insurance, maintain the home, and meet the other loan terms.
The balance goes up, not down. On a regular mortgage, your balance shrinks each month as you pay principal. On a reverse mortgage, interest and mortgage insurance are added to your balance each month, so it grows over time. You can make payments to lower it whenever you like, without a penalty.
The loan comes due when the last borrower, or an eligible non-borrowing spouse, no longer lives in the home, or if the loan terms aren't met. Most of the time, the home is sold and the loan is paid off from the sale. Anything left over belongs to you or your heirs.
On a HECM, if the home sells for less than the balance, you and your heirs don't pay the difference. FHA insurance covers it. See Reverse Mortgages and Heirs.
The most common is the Home Equity Conversion Mortgage, or HECM. It's insured by FHA. Every borrower must be at least 62, though a younger spouse can be protected as a non-borrowing spouse. FHA's insurance comes with an upfront and an annual mortgage insurance premium. You can see how those work on Reverse Mortgage Costs, and run your own numbers with our reverse mortgage calculator.
Learn more on HECM Reverse Mortgage, or see the HECM for Purchase if you want to buy a home with one.
There are also proprietary reverse mortgages, often called jumbo reverse mortgages. They aren't insured by FHA, and each lender sets its own rules. They can make sense for higher-value homes, or for some condos that aren't FHA-approved.
As a broker, we compare several of them: Mutual of Omaha Secure Equity, Finance of America HomeSafe, Longbridge Platinum, Smartfi Choice, Nationwide Equities EquityPower, and MCM Holdings MCM Edge. Availability, ages, and features vary by state. See Proprietary (Jumbo) Reverse Mortgages.
Yes. You keep the title. The lender holds a lien, just like with a regular mortgage. See Do I still own my home if I get a reverse mortgage?
It can be a great fit if you plan to stay in your home for years and want more breathing room, a safety net, or help paying for care. It's usually a poor fit if you plan to move soon or can't keep up with property taxes and insurance. Read the Reverse Mortgage Pros and Cons for the full picture.
Have a question that isn't answered here? Call us at 530-888-6000. I'd rather you ask than guess.
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).
