Free educational resource Reverse Mortgage Guide
Your home is part of your future. Understand how a reverse mortgage uses home equity, what it can cost, and the responsibilities that come with it. Start with our free guide, then explore the questions that matter to you.
A reverse mortgage is a loan secured by your home and must be repaid. This page focuses on FHA-insured Home Equity Conversion Mortgages (HECMs); other reverse mortgage products may have different rules.
The essentials
A HECM lets eligible homeowners borrow against part of their home equity. Before deciding, consider eligibility, ongoing expenses, and how the loan could affect your future plans.
HECM borrowers must be at least 62. The home must be your principal residence (where you live most of the year), with sufficient equity and an eligible property type. Financial and other program requirements also apply.
An existing mortgage must be paid off at closing, using available loan proceeds or other permitted funds.
You keep title to your home. You must continue to live there as your principal residence, pay property taxes and required insurance, and maintain the property.
Failure to meet loan obligations can cause the loan to become due and may result in foreclosure.
Interest and fees are added to the balance over time, which can reduce your remaining equity. HECM costs can include closing fees, mortgage insurance, and servicing charges.
Financing eligible upfront costs reduces the proceeds available to you and adds to the amount owed.
Make an informed decision
Request your guide, then use these questions to prepare for a conversation with a mortgage professional and an independent HUD-approved reverse mortgage counselor.
Available proceeds depend on factors including age, home value, interest rates, program limits, existing liens, and loan costs.
Discuss your spouse’s status, anyone else living in the home, future care needs, and your heirs’ repayment options. Protections depend on program rules and individual circumstances.
Consider staying with your current arrangements, other home equity financing, refinancing, or downsizing. Compare costs, payments, risks, and how long you plan to remain in the home.
Your complimentary guide
Complete the form below to request your copy.
Requesting this educational guide is not a mortgage application or an offer of credit. Please do not enter Social Security numbers or bank account details. Questions? Contact East Coast Capital.
A little more clarity
These answers describe general HECM features. Ask about the rules and terms that apply to the specific loan you are considering.
Have another question?A Home Equity Conversion Mortgage is a reverse mortgage insured by the Federal Housing Administration (FHA). It lets eligible homeowners age 62 or older borrow against some of their home equity. FHA insurance does not remove the borrower’s repayment or property obligations.
A HECM generally does not require monthly principal and interest payments while the loan is in good standing and occupancy requirements are met. You must still pay property taxes, homeowners insurance, any applicable association charges, and upkeep. Interest and fees accumulate, and the loan must eventually be repaid.
Possibly. Your existing mortgage must be paid off at closing. Available reverse mortgage proceeds may help with that payoff, but sufficient equity, financial assessment, property standards, and other eligibility requirements still apply. Approval is not guaranteed.
Depending on the HECM’s rate type and terms, proceeds may be available as a lump sum, scheduled payments to you, a line of credit, or a permitted combination. Program rules limit how much you can receive initially. Compare how each option affects costs and your future access to funds.
Repayment is generally triggered by a sale, the last borrower’s death, or the home no longer being a borrower’s principal residence, subject to applicable eligible non-borrowing spouse protections. Failure to meet property or other loan obligations can also make the loan due. Review spouse protections and heirs’ options with a counselor and the servicer.
The guide is free. Requesting it does not commit you to a loan or mean you have applied for or been approved for financing. A mortgage application, required counseling, and any loan decision are separate steps.
Educational information only; not a rate quote, loan approval, or commitment to lend. Loan availability, eligibility, costs, and terms depend on program requirements, underwriting, property, and state availability. East Coast Capital is not affiliated with or endorsed by HUD, FHA, or another government agency.
Explore independent information: CFPB reverse mortgage resources (opens in a new tab) HUD HECM overview (opens in a new tab)
