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Loan guide

Reverse mortgage (HECM, age 62+)

Turns part of your home equity into cash, with no monthly mortgage payments. Best for: Homeowners aged 62+ with substantial equity who want to stay in their home.

Key facts

  • At least one borrower must be 62 or older, and the home must be your main residence.
  • A counseling session with an independent HUD-approved counselor is required first.
  • Take the money as a lump sum, a line of credit, monthly payments or a mix.
  • You still pay property taxes, homeowners insurance and upkeep. The loan is repaid when the last borrower sells, moves out or passes away.
  • You or your heirs never owe more than the home is worth when sold. 2026 maximum home value used: $1,249,125.

Pros

  • No monthly mortgage payment
  • Stay in your home
  • Flexible ways to receive the money
  • Federally insured protections and counseling

Cons

  • The balance grows over time as interest is added
  • Less equity left for heirs
  • Upfront costs can be significant
  • Taxes, insurance and upkeep must be kept current
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More detail: LoansAndHouses.com loan programs

Common questions

Who is a Reverse mortgage loan best for?

Homeowners aged 62+ with substantial equity who want to stay in their home.

What are the main pros and cons of a Reverse mortgage loan?

Pros: No monthly mortgage payment; Stay in your home; Flexible ways to receive the money; Federally insured protections and counseling. Cons: The balance grows over time as interest is added; Less equity left for heirs; Upfront costs can be significant; Taxes, insurance and upkeep must be kept current.

Figures checked October 2026 and subject to change. Loan limits are updated each January. Program rules, eligibility and pricing vary by lender and borrower. Not a commitment to lend. Bill McElhill, NMLS #2176490, licensed in Florida, Georgia and Texas.

Your next step

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Bill McElhill

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Educational information only. This page gives general information to help you learn and plan. It is not legal, tax, financial or other professional advice, or an offer to lend. For advice on your situation, talk to a licensed professional. Terms of use

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