Explore home equity in later life

Reverse Mortgage Loans

A reverse mortgage is a loan secured by your home. Start with the obligations and long-term effects, then consider whether it fits your household and future plans.

Talk with a loan officer Explore the details

Older couple sitting together on a sofa at home

Understand your options

How the options work.

HECM eligibility

FHA-insured Home Equity Conversion Mortgages generally require borrowers to be at least 62, have sufficient equity, and use an eligible property as their principal residence. Financial assessment and other program requirements apply.

Ongoing responsibilities

You retain title and must continue to pay property taxes, required insurance, property charges, and maintenance, and meet occupancy rules. A HECM generally does not require monthly principal-and-interest payments while its requirements are met.

Costs and eventual repayment

Interest and fees accumulate and can reduce remaining equity. The loan generally becomes due following a sale, death of the last borrower, or the end of qualifying occupancy, subject to eligible non-borrowing spouse protections. Default can also make it due.

Prepare for the conversation

What to review together.

Discuss your existing mortgage, equity, household members, and expected time in the home.
Complete required counseling with a HUD-approved reverse mortgage counseling agency.
Plan for ongoing property costs, future care needs, spouse protections, and heirs’ repayment options.

Get the Reverse Mortgage Guide

Common questions

A little more clarity.

General information can help you prepare. Your loan officer can explain the requirements for your particular property, finances, and program.

Is a reverse mortgage free money?

No. It is borrowing secured by your home. Interest and fees add to the balance over time, and the loan must eventually be repaid. Compare its effect on your remaining equity and plans.

Can I apply if I have an existing mortgage?

Possibly. Existing mortgage debt generally must be paid off at closing using permitted funds or available reverse mortgage proceeds. Sufficient equity and all applicable eligibility requirements still apply.

Where can I start learning more?

Explore ECC’s free Reverse Mortgage Guide and independent CFPB and HUD resources. A HUD-approved counselor can explain the financial effects and alternatives. Requesting the guide is not a loan application.

Mortgage lending, made personal.

Let’s talk about your next step.

Share your goals with an East Coast Capital mortgage professional. We can review available options and explain what comes next.

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Educational information only; not a rate quote, loan approval, or commitment to lend. Program availability, eligibility, rates, fees, and terms depend on underwriting, property, and state availability. Your situation may require different documentation or disclosures. East Coast Capital is not affiliated with or endorsed by HUD, FHA, VA, or another government agency. NMLS ID #1403.