What Is a Reverse Mortgage?

A Reverse Mortgage is a loan available to homeowners aged 62 or older that allows them to access a portion of their home equity without making monthly mortgage payments. The most common type is the FHA-insured HECM (Home Equity Conversion Mortgage).

Instead of making payments, the loan balance increases over time and is repaid when the home is sold, the homeowner moves out, or passes away. Borrowers retain ownership and remain responsible for taxes, insurance, and property maintenance.

Why Homeowners Consider a Reverse Mortgage

A reverse mortgage can provide added flexibility and peace of mind in retirement. It’s a financial tool that may help:

• Supplement retirement income

• Delay drawing from savings or investments

• Cover home improvement costs

• Eliminate an existing mortgage payment

Who Reverse Mortgages Are For

• Homeowners aged 62 or older

• Those seeking to access equity without selling their home

• Retirees who want to stay in their home while improving cash flow

• Individuals who want to eliminate monthly mortgage payments

• Borrowers with substantial equity in their primary residence

Reverse mortgages are only available on owner-occupied primary residences and have specific eligibility and counseling requirements.

Reverse Mortgage Highlights

• Available to homeowners 62+ years old

• Access funds as a lump sum, line of credit, or monthly disbursement

• No monthly mortgage payments required

• FHA-insured HECM options available

• Borrower retains ownership of the home

• Funds can be used for retirement needs, home improvements, or other expenses

• Loan is repaid when the home is sold, refinanced, or the borrower leaves the home

• HUD-approved counseling required before application

Homeowners must continue to pay property taxes, homeowners insurance, and maintain the home. Failure to meet these obligations can result in foreclosure.

Eligible Property Types

• Single-family homes

• HUD-approved condominiums

• 2–4 unit properties (one unit must be owner-occupied)

• Manufactured homes meeting FHA requirements

Why Lendmire

At Lendmire, we understand the unique financial needs of retirees and homeowners approaching retirement. Our team takes the time to educate and guide you through every step of the reverse mortgage process — offering clarity, care, and personalized service to help you make the right decision for your future.

Compliance Notice

Lendmire complies with all federal and state mortgage regulations. Reverse mortgage eligibility is based on age, equity, and program guidelines. Counseling by a HUD-approved agency is required. A Loan Estimate (LE) will be provided upon submission of a full application and documentation.
Reverse mortgages are not available in every state at Lendmire. Please contact us to confirm availability in your area.