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How a reverse mortgage compares to a forward mortgage:


  • Homeowner maintains title and ownership

  • Homeowner is responsible for taxes, insurance and maintenance

  • Loans are secured by notes and deeds

  • Closing costs are similar for a HECM & traditional mortgage


  • No monthly mortgage payments are required with a reverse mortgage

  • HECM credit line can never be reduced; it’s guaranteed to increase over time, regardless of loan balance or home value

  • Borrower can never be required to repay more than the home is worth (non-recourse loan), and pays a modest FHA insurance premium to gain these benefits

  • Borrowers must be 62 in order to apply for a reverse mortgage

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