Tap the House
All guides

Reverse mortgage (HECM)

Age 62 and older. No required monthly principal-and-interest payment. The balance grows.

Mechanics

A HECM is an FHA-insured reverse mortgage. Counseling is mandatory. Funds can come as a lump sum, monthly payments, a line of credit, or a mix. You still pay taxes, insurance, and upkeep. Interest and mortgage insurance accrue onto the balance. The loan is non-recourse and is repaid when the last borrower sells, moves out permanently, or dies.

The 2026 national HECM limit is $1,249,125. Available proceeds depend on age, value, and rates. Heirs keep whatever equity remains after the loan is repaid.

Educational only. Not a lender, and not financial, tax, or legal advice.