What happens to the home?
A reverse mortgage is repaid when a triggering event under the loan terms occurs, such as sale, move-out, or death. Heirs generally have options to repay or sell, subject to loan terms and applicable rules.
Home equity after 55
Could a reverse mortgage fit your next chapter?
For some older homeowners, a reverse mortgage can make home equity more flexible—whether staying in place or buying a new home. The details matter, and the right option depends on the borrower, property, and loan program.
A personal plan
Your home goal.
Your next step.
Your next step.
1Tell us what matters
2Compare the trade-offs
3Choose how to proceed
Start with the age rule. A federally insured HECM generally requires the youngest borrower to be at least 62. Some proprietary reverse mortgage programs may be available starting at age 55, depending on program, state, property, and lender availability. April can help verify what applies.
Two ways to explore
- Reverse mortgage refinance: eligible homeowners may access a portion of equity without required monthly principal-and-interest payments.
- Reverse mortgage for purchase: eligible older buyers may use proceeds and a down payment to buy a new primary home.
“No monthly mortgage payment” needs context.
Borrowers still must pay property taxes, homeowners insurance, and maintain the home, meet occupancy rules, and comply with loan terms. Interest and fees accrue and reduce remaining equity.
Questions to review
Understand the whole picture.
What costs remain?
Plan for property taxes, insurance, maintenance, closing costs, and any required set-asides. Ask how the balance may grow and affect future equity.
Could it support a purchase?
A HECM for Purchase can help eligible older borrowers buy a new primary residence. A substantial down payment is usually required; the amount depends on borrower age, home price, rates, and program rules.
What alternatives should I compare?
Compare a traditional refinance, home equity loan, HELOC, selling and downsizing, or other resources. An independent housing counselor may also help you understand a HECM.
Take a low-pressure next step.
Tell April your age range, homeownership goal, and whether you plan to stay or move. Do not send sensitive financial or identity details through this website.