Reverse loans
Equity-based options for homeowners 62 and over.
A Home Equity Conversion Mortgage (HECM) is a reverse mortgage insured by FHA. It lets eligible homeowners access home equity as a lump sum, monthly payments, or a line of credit, without monthly mortgage payments. The loan is repaid when the home is sold or no longer the primary residence.
Eligibility
- All borrowers aged 62 or older
- Property is your primary residence
- Sufficient equity in the home
- Current on property taxes, insurance, and any HOA dues
- HUD-approved counseling completed
Benefits
- Stay in your home and own it without making another monthly mortgage payment.
- Retain title to your home.
- Flexible disbursement: lump sum, monthly draw, or line of credit.
- Non-recourse: you never owe more than the home is worth at sale.
How we help
Through Loan Works, Inc. we are able to offer unwavering support and a calm, informative process. Reverse is a tool, not a sales pitch.
Paul will tell you straight whether a reverse mortgage is the right move, or whether a HELOC, a downsize, or simply holding tight is the better path. Sometimes the answer is no, and that is the answer you get.
FAQ
Do I still own my home?
Yes. You retain title. The reverse mortgage is a lien against the property like any other mortgage.
What happens to my heirs?
Heirs can repay the loan to keep the home, sell the home to pay off the balance, or walk away. The loan is non-recourse.
Is this right for me?
Sometimes, sometimes not. The HUD-approved counseling step is required and is genuinely useful; Paul will help you weigh the trade-offs honestly.
Can I lose my home?
Only if you fail to keep up with property taxes, homeowners insurance, or HOA dues, or stop using the home as your primary residence.
Ready when you are. Better call Paul.