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What Is a Reverse Mortgage?

A reverse mortgage is the commonly used term for a federally insured Home Equity Conversion Mortgage ("HECM"). It is a loan that lets you turn your home's equity into cash or pay off an existing mortgage.



  • Homeowner must be at least 62 years old.
  • There must be sufficient equity in the home.
  • It must be for your primary residence.
  • Mandatory HECM counseling is required.



  • Existing mortgage payments can be eliminated.
  • The loan proceeds are tax-free.
  • You stay in your home and maintain title.
  • Your heirs inherit any remaining equity after paying off the HECM loan.
  • Neither you nor your heirs can ever owe more than the home is worth - since the HECM is a non-recourse loan, any shortage is covered by the FHA, not by you or your estate.
  • As long as taxes, insurance and HOA fees are paid, and the home is maintained, the loan can not be cancelled by the lender.

Learn More

Arrange Your No-Cost, No-Obligation Consultation with Mike Peerless, Reverse Mortgage Director, NMLS#1073735

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