REVERSE MORTGAGES · AGE 62+
Reverse Mortgages & HECM For Purchase
For homeowners 62 and older: access home equity with no monthly principal and interest payments — or use a reverse mortgage to buy your next home.
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OVERVIEW
Use your equity to support retirement
A Home Equity Conversion Mortgage (HECM) is the FHA-insured reverse mortgage. It lets homeowners 62 and older convert part of their home equity into cash, a line of credit, monthly payments or a combination — with no required monthly principal and interest payments as long as loan obligations are met.
HECM for Purchase lets buyers 62+ buy a new home — for example, downsizing or moving closer to family — using a large down payment plus reverse mortgage proceeds, with no monthly mortgage payment on the new home.
At a glance
- Youngest borrower must be 62 or older
- No monthly principal and interest payments while loan terms are met
- You keep title to your home
- Proceeds as a lump sum, line of credit, monthly payments or a combination
- 2026 HECM lending limit: $1,249,125; proprietary options for higher values
Who it’s a good fit for
- Retirees who want to reduce monthly expenses
- Homeowners 62+ with significant equity
- Buyers 62+ downsizing or relocating (HECM for Purchase)
- Borrowers who plan to stay in the home long-term
KEY FEATURES
How it works
HUD counseling
Every HECM borrower completes counseling with a HUD-approved counselor before applying, so you understand the costs and obligations.
Line of credit growth
The unused portion of a HECM line of credit grows over time, providing a source of funds for the future.
HECM for Purchase
Buy a new primary residence with a single down payment and reverse mortgage proceeds — no monthly mortgage payment required.
Non-recourse
Neither you nor your heirs will owe more than the home is worth when it is sold to repay the loan (FHA-insured HECM).
GENERAL GUIDELINES
What lenders typically look at
- Youngest borrower 62 or older (some proprietary programs vary)
- The home is your primary residence
- Sufficient equity
- Completion of HUD-approved counseling
- Financial assessment of ability to pay taxes, insurance and upkeep
Guidelines vary by lender and change over time. Alex will review your specific situation against current program rules.
GOOD TO KNOW
Things to consider
- Interest and fees are added to the balance over time
- You must keep paying property taxes, insurance, HOA dues and maintenance
- The loan becomes due when the last borrower leaves the home or sells
- Talk with family and your financial or tax advisor
FAQ
Common questions
Will I still own my home?
Yes. You keep title. The loan is repaid when the last borrower sells, moves out permanently or passes away, or if loan terms are not met.
What happens to my heirs?
Heirs can sell the home and keep any remaining equity, or pay off the loan to keep the home. With an FHA-insured HECM, they will not owe more than the home is worth.
Can I use a reverse mortgage to buy a home?
Yes. HECM for Purchase lets buyers 62+ purchase a new primary residence with a down payment plus reverse mortgage proceeds.
GET STARTED
See what you may qualify for
Share a few details and Alex will follow up personally to review your options — usually the same business day. No obligation, and requesting information does not affect your credit.
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- Pre-approval decisions within 24 hours of a complete application
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EXPLORE MORE
Related loan programs
HELOCs & Second MortgagesRefinanceHome Purchase LoansBuy Before You SellAll loan programsThe mortgage process
Reverse mortgage borrowers must be 62 or older, complete HUD-approved counseling, occupy the home as their primary residence and continue to pay property taxes, homeowners insurance and upkeep. The loan becomes due when the last borrower leaves the home, sells or fails to meet loan terms. Not a commitment to lend. Not all applicants qualify. Programs, rates, terms and availability may change without notice. All loans are subject to credit, income, asset and property approval. H. Alex El-Ali, NMLS #1513750, FL LO125697 | NEXA Mortgage, LLC, NMLS #1660690. Equal Housing Lender.
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