Who this is for
Who considers a reverse mortgage
Retirees with equity
Supplement income or build a standby credit line.
Owners with a mortgage
Pay off the current loan and eliminate the payment.
Downsizers
HECM for Purchase buys the next home with no monthly mortgage payment.
Families planning ahead
Heirs can repay the loan and keep the home, or sell.
Program highlights
How a HECM works
You keep the title
You own the home; the loan is repaid when you sell, move out or pass away.
Non-recourse
You or heirs never owe more than the home's value when it's sold.
Flexible payouts
Line of credit that can grow, monthly payments, or lump sum.
Obligations
Property taxes, insurance, HOA dues and upkeep must stay current.
Qualification guidelines
What lenders look at
Typical guidelines across my lender network. Every file is different, and I will tell you exactly where you stand after a quick review.
| Factor | Typical requirement | Required? |
|---|---|---|
| Age | Youngest borrower 62+ | ✓ YES |
| Primary residence | Must live there | ✓ YES |
| HUD counseling | Before application | ✓ YES |
| Equity | Significant equity | ✓ YES |
| Condo | FHA-approved building | ✓ YES |
| Monthly mortgage payment | Not required | ✗ NOT REQUIRED |
In Hawaii
Reverse mortgages in Hawaii
- 2026 limit. HUD's maximum claim amount is $1,249,125. Proprietary (jumbo) reverse mortgages exist for higher-value homes.
- Condos must be FHA-approved for a HECM.
- Leasehold properties need sufficient lease term. Leasehold →
How it works
From first call to closing
- CounselingIndependent HUD-approved counseling.
- OptionsI compare HECM and proprietary products.
- Appraisal and approvalFHA appraisal and underwriting.
- CloseChoose how you receive funds.
Common questions
Reverse Mortgage FAQ
Do I give up ownership?
No. You keep title. The loan is repaid when the home is sold or you no longer live there.
Can my heirs keep the house?
Yes, by repaying the loan, typically with a refinance or other funds. They never owe more than the home is worth.
What can cause a default?
Not paying property taxes, insurance or HOA dues, not maintaining the home, or no longer living there.
What's the 2026 limit?
$1,249,125 for HECMs (HUD Mortgagee Letter 2025-22).
Sources: 12 U.S.C. 1715z-20; 24 CFR Part 206; HUD Mortgagee Letter 2025-22 (2026 HECM limit).
