Understand What Your Home Equity Could Make Possible
A reverse mortgage can help some homeowners use part of their home equity to support the life they want in retirement. It is an important decision, and you deserve a clear explanation from someone who understands the questions that come with this stage of life.
John Collins is from the same generation as the homeowners he serves. You will speak directly with someone who understands that retirement decisions involve more than numbers—they involve your home, independence, family, security, and plans for the future.
As a mortgage broker with access to more than 85 wholesale lenders, John can review available reverse-mortgage options instead of presenting only one lender’s solution.
What Could a Reverse Mortgage Help You Do?
A reverse mortgage is a flexible tool. Depending on your goals, it may be used to:
Pay Off an Existing Mortgage
If you still owe on your home, a reverse mortgage may be used to pay off your current mortgage and reduce or remove that required monthly payment.
Reduce Required Monthly Housing Payments
By replacing a traditional mortgage with a reverse mortgage, some homeowners lower the monthly housing costs they are required to pay.
Establish a Line of Credit
A reverse mortgage line of credit gives you access to funds you can draw from as needed, with the unused line available for the future.
Receive Funds for Planned Expenses
Home improvements, healthcare, travel, or helping family—funds may be available to support the plans you have for this chapter of life.
Improve Monthly Cash Flow
Without a required monthly mortgage payment in most cases, some homeowners find more flexibility in their monthly budget.
Purchase Another Primary Residence
Through a HECM for Purchase, when eligible, you may be able to buy a new primary residence using a reverse mortgage, without a required monthly mortgage payment in most cases.
How It Works
A reverse mortgage lets homeowners age 62 and older turn part of their home equity into cash, a line of credit, or monthly payments—without selling the home and without a required monthly mortgage payment in most cases. The loan is secured by your home, just like a traditional mortgage, but instead of you paying the lender each month, the balance is repaid later.
- Home equity — The amount you can access is based on your age, your home’s value, and current interest rates, among other factors.
- Available proceeds — You may receive the funds as a lump sum, a line of credit, monthly payments, or a combination.
- Repayment — The loan is repaid when the last borrower no longer lives in the home as a primary residence—most often when the home is sold.
- Continued homeownership — You remain the owner of your home and keep the title.
- Your responsibilities — You must continue to pay property taxes, homeowners insurance, and maintenance, and you must live in the home as your primary residence.
Questions Homeowners and Families Often Ask
Do I still own my home?
Yes. With a reverse mortgage, you keep the title to your home and remain the owner. You must continue to live in the home as your primary residence.
What happens to my home for my heirs?
Your heirs can keep the home by repaying the reverse mortgage, or sell the home to repay it and keep any remaining equity. John can explain how this works in more detail.
When does the loan have to be repaid?
The loan becomes due when the last borrower no longer lives in the home as a primary residence. This may happen if the home is sold, the borrower moves out permanently, or passes away.
What if I need to move or sell?
You can sell the home at any time. The sale pays off the reverse mortgage, and you or your heirs keep any remaining equity.
How can I receive the money?
You may receive funds as a lump sum, a line of credit, monthly payments, or a combination of these, depending on the program you choose.
Is counseling required?
For the most common reverse mortgage—the HECM—you complete a session with an independent HUD-approved housing counselor before applying. This helps make sure you understand the program and your options.
What does it cost?
Like any mortgage, a reverse mortgage has closing costs and may include mortgage insurance and servicing fees. John reviews the specific costs with you so there are no surprises.
Is a reverse mortgage right for everyone?
No. A reverse mortgage is a tool that fits some homeowners and not others. It depends on your goals, your plans for the home, and your overall finances. John gives you a straightforward assessment rather than pressure either way.
A Private Educational Review
The first conversation is simply a conversation. It is meant to understand your goals, explain what may be possible, and answer your questions. There is no pressure to apply or to make an immediate decision. If it would help, your family members or a trusted advisor are welcome to take part.
You can take the time you need. A reverse mortgage is a decision worth understanding fully, and John will walk through it with you at your pace.
Let’s talk it through, privately.
Schedule a private review with John, or learn how reverse mortgages work before you decide anything.
Reverse mortgages are available to homeowners 62 and older for properties in Idaho and Texas. All loans are subject to credit approval, property eligibility, and verification of financial information. This page is educational and does not guarantee approval or specific terms.