Unlock the Equity You've Built Without Giving Up the Home You Love
Eliminate monthly mortgage payments, access tax-free cash reserves, and stay in full control of your deed. Guaranteed non-recourse protection backed by the FHA.
You Keep the Deed
100% Homeowner Ownership
No Monthly Payments
Taxes, insurance & upkeep required
FHA Insured Non-Recourse
Never owe more than the home value
How You Receive Your Funds
Choose the payout option that fits your retirement goals or combine them.
Standby HECM Line of Credit
Draw funds only when needed. Unlike a traditional HELOC, your unused line of credit grows automatically over time, regardless of home value.
Best for: Long-term care planning, market volatility buffer, emergency cash reserves.
Who Qualifies for a Reverse Mortgage?
Eligibility is based on age, equity, and your ability to meet the loan obligations.
Age 62 or Older
The youngest borrower on title must be at least 62 years old. If you're married, both spouses should be on the loan to protect the surviving partner's right to stay in the home.
Primary Residence
The home must be your primary residence. Reverse mortgages are not available for investment properties or second homes. You must live in the home for the majority of the year.
Sufficient Equity
You generally need significant equity in your home. Most programs require at least 50% equity, though the exact amount depends on your age and home value. Existing mortgage balances are paid off at closing.
Financial Assessment
Lenders review your credit history, income, and ability to pay ongoing property taxes, insurance, and maintenance. This protects you and ensures the loan is sustainable for your situation.
HUD-Approved Counseling
Every borrower must complete a counseling session with a HUD-approved housing counselor before applying. This is a federal requirement designed to protect you and ensure you understand the program.
Property Requirements
Your home must meet FHA property standards. Single-family homes, 2-4 unit properties (if you occupy one unit), and FHA-approved condominiums are eligible. Manufactured homes may qualify if they meet specific guidelines.
How the Process Works
A clear, guided process from education to closing. I handle the paperwork so you can focus on what matters.
Education & Counseling
Start with a free consultation to understand your options. Then complete the required HUD-approved counseling session, which can be done by phone or video. I'll help you schedule it and answer any questions that come up.
Application & Approval
Submit your application with your counseling certificate. I'll order the appraisal, review your financial assessment, and guide you through underwriting. Most of the paperwork is handled on my end so you can focus on planning.
Closing & Funding
Once approved, we schedule closing. You choose how to receive your funds: lump sum, monthly payments, line of credit, or a combination. Existing mortgage balances are paid off at closing, eliminating those monthly payments immediately.
Instant Equity & Eligibility Screener
Get a free, no-obligation estimate. No credit pull required.
Reverse Mortgage vs. HELOC vs. Selling
Not sure which option is right for you? Here's an honest side-by-side comparison.
| Feature | Reverse Mortgage | HELOC | Selling the Home |
|---|---|---|---|
| Monthly mortgage payment required | No | Yes | N/A |
| Stay in your home | Yes | Yes | No |
| Requires income qualification | Financial assessment | Yes, strict | N/A |
| Non-recourse protection | Yes, FHA-insured | No | N/A |
| Upfront costs | Closing costs + FHA premium | Closing costs | Realtor fees + moving costs |
| Risk of foreclosure | Only if obligations unmet | Yes, if payments missed | None |
| Heirs keep remaining equity | Yes | Yes | N/A |
Every situation is different. I'll help you compare all three options honestly, even if that means a reverse mortgage isn't the right fit for you.
Understanding the Costs
Reverse mortgages have real costs, and you deserve to understand every one of them before you decide.
Upfront FHA Mortgage Insurance Premium
Typically 2% of the home's appraised value or the FHA lending limit, whichever is less. This can be financed into the loan so it doesn't come out of pocket.
Closing Costs
Similar to a traditional mortgage: appraisal, title insurance, origination fees, and recording fees. I'll provide a full itemized estimate before you commit to anything.
Annual Mortgage Insurance Premium
Ongoing FHA insurance of 0.5% of the outstanding loan balance, charged monthly. This keeps the loan FHA-insured and maintains your non-recourse protection.
Ongoing Obligations
You continue paying property taxes, homeowners insurance, and home maintenance. These are not part of the loan; they're your responsibility for as long as you live in the home.
All costs are disclosed in writing before you commit. There are no surprises, and I'll walk you through every line item.
Top Questions Seniors & Heirs Ask
No. You remain the sole titleholder of your home just like a traditional mortgage. The bank does not own your house. You retain ownership as long as you live in the home, pay property taxes and hazard insurance, and maintain the property.
For informational purposes only. This is not a commitment to lend. Homeowner must continue to pay property taxes, hazard insurance, maintain the property, and comply with all loan terms. A reverse mortgage is an FHA-insured loan that defers payment until the borrower permanently vacates the home. NEXA Lending, LLC is a private mortgage lender/broker and is not affiliated with, endorsed by, or acting on behalf of HUD, FHA, VA, USDA, or any government agency. Peter Irungu (NMLS #2751063) | NEXA Lending, LLC (NMLS #1660690) | Equal Housing Lender.