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A reverse mortgage is a significant decision. Start with clear facts, understand the obligations, and explore your options with a local professional.
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Educational approximation, not a loan quote, approval or immediately drawable cash. Uses interpolated HUD factor anchors for ages 65–85 and expected rates 5.5–8.5%, the 2026 HECM cap of $1,249,125, and estimated financed costs. Set-asides and first-year draw restrictions are excluded. For other ages or rates, request a personal calculation.
HUD factors · Exhibit I-12026 HECM capMove through the essentials at your own pace. Your questions lead the way.
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Explore all FAQsYes. You retain title, subject to the mortgage lien. You must occupy the home as your principal residence, pay property taxes and insurance, and maintain it. Failure to meet obligations may lead to foreclosure.
HECM borrowers must be at least 62. Eligibility also depends on the property, mortgage debt, financial assessment and other program requirements. Independent HUD-approved counseling is required.
HECMs generally do not require monthly principal and interest payments. You remain responsible for taxes, insurance, maintenance and applicable property charges.
The loan generally becomes due when the home is sold, is no longer the borrower’s principal residence, or the last borrower dies, subject to eligible non-borrowing spouse protections. Failure to meet obligations may also make it due.
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