{"id":119,"date":"2026-06-03T13:57:26","date_gmt":"2026-06-03T13:57:26","guid":{"rendered":"https:\/\/kennedymtg.com\/?page_id=119"},"modified":"2026-06-04T13:26:11","modified_gmt":"2026-06-04T13:26:11","slug":"reverse-mortgages","status":"publish","type":"page","link":"https:\/\/kennedymtg.com\/staging\/8888\/residential\/reverse-mortgages\/","title":{"rendered":"Reverse Mortgages"},"content":{"rendered":"\n\n<p class=\"wp-block-paragraph\"><em>One-line summary: A loan available to homeowners age 62 and older that converts a portion of home equity into cash, with no monthly payments required, repaid when the home is sold, the borrower moves out permanently, or passes away.<\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Best for<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Homeowners 62 and older who want to access their home equity without selling and without taking on a monthly mortgage payment. Often used to supplement retirement income, pay off existing mortgage balances, fund healthcare costs, or simply create cash flow flexibility in retirement.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Key terms (typical)<\/h3>\n\n\n\n<figure class=\"wp-block-table table-label-value\"><table><thead><tr><th>Attribute<\/th><th>Typical Range<\/th><\/tr><\/thead><tbody><tr><td>Eligible borrowers<\/td><td>All borrowers on title must be 62 or older<\/td><\/tr><tr><td>Eligible properties<\/td><td>Primary residence; single-family, FHA-approved condo, manufactured (with conditions)<\/td><\/tr><tr><td>Loan type<\/td><td>Home Equity Conversion Mortgage (HECM), FHA-insured; proprietary jumbo options also exist<\/td><\/tr><tr><td>Loan amount<\/td><td>Based on age, home value, and interest rate; older borrowers can access more<\/td><\/tr><tr><td>Payments<\/td><td>No monthly mortgage payment required; borrower remains responsible for taxes, insurance, and maintenance<\/td><\/tr><tr><td>Disbursement<\/td><td>Lump sum, monthly draws, line of credit, or combination<\/td><\/tr><tr><td>Repayment<\/td><td>Due when last borrower leaves home permanently, sells, or passes away<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Why borrowers choose this program<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>No monthly mortgage payment.<\/strong> Frees up monthly cash flow in retirement.<\/li>\n<li><strong>Tax-free proceeds.<\/strong> Loan proceeds are not income and are not taxed (consult a tax advisor for your specific situation).<\/li>\n<li><strong>Multiple disbursement options.<\/strong> Take a lump sum, set up monthly draws, or maintain a growing line of credit that can be tapped as needed.<\/li>\n<li><strong>Heirs still inherit any remaining equity.<\/strong> When the loan is repaid (via sale or refinance), any equity above the loan balance goes to the borrower&#8217;s estate or heirs.<\/li>\n<li><strong>FHA-insured.<\/strong> HECM reverse mortgages are insured by FHA, meaning the borrower can never owe more than the home is worth at repayment, even if the loan balance grows above the property&#8217;s value.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Considerations<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Borrower remains responsible for property charges.<\/strong> Taxes, homeowner&#8217;s insurance, and basic maintenance must continue to be paid by the borrower. Failure can trigger loan default.<\/li>\n<li><strong>Equity declines over time.<\/strong> Without payments, the loan balance grows. Less equity remains for heirs over time.<\/li>\n<li><strong>Counseling required.<\/strong> All HECM borrowers must complete HUD-approved counseling before the loan can be originated, a protective requirement, not an obstacle.<\/li>\n<li><strong>Not for short-term needs.<\/strong> Reverse mortgage closing costs are significant; they only make sense for borrowers planning to stay in the home long-term.<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>One-line summary: A loan available to homeowners age 62 and older that converts a portion of home equity into cash, with no monthly payments required, repaid when the home is [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":490,"menu_order":9,"comment_status":"closed","ping_status":"closed","template":"page-templates\/program.php","meta":{"nf_dc_page":"","footnotes":""},"class_list":["post-119","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - 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