Reverse mortgage questions, answered.

No. This is the most common misconception. With a reverse mortgage you keep the title to your home, just as you would with any traditional mortgage. The lender places a lien to secure the loan, but you remain the owner. You can live there as long as it is your primary residence and you keep up with property taxes, homeowners insurance, and basic maintenance.

For most homeowners it is more straightforward than they expect. The main requirements are that you are typically 62 or older, the home is your primary residence, and you have enough equity. There is no minimum credit score in the traditional sense, and income requirements are modest because there is no required monthly mortgage payment. A short financial assessment confirms you can keep up with taxes and insurance.

No — there is no required monthly mortgage payment on a reverse mortgage. The loan is repaid later, usually when the last borrower sells the home, moves out permanently, or passes away. You do remain responsible for property taxes, homeowners insurance, and keeping the home in good condition.

Possibly. Home values and reverse-mortgage programs change over time. If you took out your loan years ago, you may now qualify for more available funds, a lower rate, or better terms — and refinancing may make sense. It is worth a no-cost review to see whether your current loan has kept up with your home value and your needs.

For many homeowners, tapping home equity the right way removes a major source of financial stress — covering everyday costs, eliminating an existing mortgage payment, or building a safety net — so you can focus on enjoying these years. The goal is always the same: more freedom and peace of mind, on your terms.

Reverse mortgage proceeds are generally considered loan advances, not income, so they are typically not taxed. They also usually do not affect Social Security or Medicare. Because everyone’s situation differs, we always recommend confirming the specifics with your tax advisor.

Your heirs are protected. When the loan becomes due, they can repay the balance and keep the home, or sell it and keep any remaining equity. Because HECM loans are FHA-insured and non-recourse, neither you nor your heirs will ever owe more than the home is worth at the time of sale.