A reverse mortgage is a loan available to homeowners aged 55+ to purchase or refinance a primary residence with no monthly mortgage payments. With a refinance, the reverse mortgage pays off any current mortgage they may have, freeing up the cash they had needed previously to make their monthly mortgage payment and allowing for more discretionary income. If the homeowner qualifies for more cash than the balance of their current mortgage or does not have a mortgage on their home, the funds can be paid to them as cash, a line of credit or monthly payments, it is their choice how to take their funds. The funds can be used for anything they may want or need, such as home improvements, unexpected medical costs, and in-home care. The amount a person may qualify for is determined by their age, the value of the home and the current interest rates. Because the loan does not require monthly mortgage payments, it allows the homeowner the flexibility to retain ownership of their home while they utilize the equity to fund their retirement. HECM reverse mortgages are the most common type of reverse mortgage and are available to people aged 62+. All HECM’s are Reverse Mortgages but not all Reverse Mortgages are HECM’s; some reverse mortgages are jumbo and proprietary loans available from specific lenders and are not FHA loans. We have access to every HECM and Proprietary program available and as your local broker, it is our fiduciary responsibility to guide you to the optimal solution for your specific goals.