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Reverse Mortgage Frequently Asked Questions
Get answers to common questions about reverse mortgages and how they work.
What is a reverse mortgage?
A reverse mortgage is a home loan available to homeowners aged 62 and older that allows them to convert a portion of their home equity into cash without selling the home or making monthly mortgage payments. The loan balance grows over time as interest accrues, and the loan is repaid when the borrower sells the home, moves out permanently, or passes away. The most common type is the FHA-insured Home Equity Conversion Mortgage (HECM). For a complete breakdown of how the program works, what it costs, and who it fits, read our full guide to how a reverse mortgage works.
Who qualifies for a reverse mortgage?
To qualify for a reverse mortgage, you must be at least 62 years old, own your home outright or have substantial equity, occupy the home as your primary residence, and demonstrate the ability to pay ongoing property taxes, homeowners insurance, and HOA fees if applicable. The home must also meet FHA property standards. Peak Capital Mortgage LLC offers a free qualification tool to help determine your eligibility.
Do I still own my home with a reverse mortgage?
Yes. With a reverse mortgage, you retain title and ownership of your home throughout the life of the loan. The lender does not own your home. You are responsible for keeping up with property taxes, homeowners insurance, basic home maintenance, and any HOA fees. As long as you continue to meet these obligations and use the home as your primary residence, you can live there for as long as you choose.
How much money can I get from a reverse mortgage?
The amount you can borrow depends on your age, current interest rates, the appraised value of your home, and the type of reverse mortgage program. Generally, the older you are and the more equity you have, the more you may qualify to receive. Funds can be distributed as a lump sum, monthly payments, a line of credit, or a combination. Use our free qualifier tool to estimate your specific loan amount.
When does a reverse mortgage need to be repaid?
A reverse mortgage becomes due when the last surviving borrower sells the home, moves out permanently for more than 12 months (such as into long-term care), or passes away. At that point, the loan must be repaid, typically through the sale of the home. Heirs may also choose to repay the loan and keep the home if they prefer. With FHA-insured HECM loans, you or your heirs will never owe more than the home is worth at the time of repayment.
Can I lose my home with a reverse mortgage?
The loan stays in good standing as long as you meet its ongoing requirements: paying property taxes and homeowners insurance, maintaining the home in reasonable condition, and continuing to use it as your primary residence. If these obligations are not met, the loan could become due and payable. Peak Capital Mortgage LLC reviews these obligations with every borrower before closing.
What are the different types of reverse mortgages?
The three main types are: Home Equity Conversion Mortgages (HECMs), which are FHA-insured and the most common reverse mortgage type; proprietary reverse mortgages, which are private loans typically used for higher-value homes that exceed FHA limits; and single-purpose reverse mortgages, which are offered by some state and local government agencies for specific purposes like home repairs or property taxes. Because HECMs carry FHA insurance and the protections described above, they are the usual starting point for most borrowers.
How do I get started with a reverse mortgage?
Start with our free Reverse Mortgage Qualifier to estimate your eligibility and loan amount. Before an FHA-insured reverse mortgage can move forward, federal rules require a session with an independent, HUD-approved reverse mortgage counselor so you fully understand the program. Peak Capital Mortgage LLC will guide you through every step. Call or text (970) 577-9200 to begin.
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