What about the interest earned on the reverse mortgage? How is it paid and won’t that mean I owe a lot of money on my home?

Interest is paid annually out of the available reverse mortgage funds. Generally, the amount your home value will increase (appreciation) offsets the interest accrued.

How much could I qualify for?

The available credit amount is determined by the appraised value of the home, the loan-to-value of any mortgages currently on the home, the age of the homeowner(s), and the current interest rate and margin.

Do I have to own my home free and clear?

No, you can still use a reverse mortgage on your home–you would just use the reverse mortgage to pay off the existing mortgage. This would lower the amount of equity you would directly have access to.

What if my home value drops?

As a part of the mortgage, you will pay an upfront fee at closing and an annual fee to FHA for mortgage insurance. This insurance protects you if the value of the home goes down. HUD (Department of Housing and Urban Development) assumes the risk, so you will never owe more than your home is worth.

Stay Home. Unlock Equity. Live Comfortably.

A reverse mortgage loan can turn the equity you’ve built into flexible cash — without monthly P&I mortgage payments so you can age in place with more confidence.

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What a Reverse Mortgage Can Do for You

If you’re a homeowner age 62 or older, a Home Equity Conversion Mortgage (HECM) may help you access funds for everyday expenses, healthcare, home improvements, or simply more breathing room in retirement — while you keep living in the home you love.
- AGE IN PLACE — Stay in the home you love and age in place with more confidence.
- NO MONTHLY MORTGAGE PAYMENT — Support retirement cash flow. You're still responsible for paying taxes, insurance, and HOA dues.
- FLEXIBLE FUNDS Choose a line of credit, monthly payments, a lump sum when allowed, or a mix.

At least one borrower is age 62 or older
The home is your primary residence
You have enough equity
You can continue paying property taxes, homeowners insurance, and required maintenance
You complete HUD-required reverse mortgage counseling
The property meets FHA eligibility standards

Do I qualify?

What the process looks like

Talk with Larger Legacy about your goals and timeline
Review a personalized estimate of available funds
Complete independent reverse mortgage counseling
Start the application and gather documents
Appraisal and underwriting
Closing
Access funds

Ready to get started?

Check out our reverse mortgage calculator to see what funds might be available for you

Or book a call to discuss your situation and a personalized estimate!

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How you can receive funds

Depending on your situation and loan type, funds may be available as a line of credit you draw when needed, scheduled monthly payments, a lump sum at closing (when allowed), or a mix. We’ll also talk through options for setting aside amounts for taxes and insurance when that helps you stay protected.

FHA mortgage insurance and interest apply. Current costs and available options will be reviewed with you before you decide — this is educational information, not a commitment to lend.