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What is a Reverse Mortgage Loan?

For qualified seniors 62 and older, a reverse mortgage, the most common of which is the HECM (Home Equity Conversion Mortgage), is a way to turn a portion of the equity in your home into cash without having to make monthly mortgage payments. As long as all loan terms are met, the loan becomes repayable when the last borrower leaves the home. As part of the loan, the borrower is required to continue paying property taxes and insurance and maintain the home. According to the US Department of Housing and Urban Development, more than a million households across the nation are using a HECM reverse mortgage insured through the Federal Housing Administration (FHA) that enables seniors to help manage their ever-increasing living expenses.

See what you may qualify for – use our free reverse mortgage calculator!

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  • No monthly mortgage payments except for taxes, insurance, and maintenance
  • Growing line of credit (applies to unused funds)
  • Increased discretionary cash flow
  • Can sell YOUR home at any time
  • Does not require payment until last living borrower permanently leaves the home
  • Bridge the medicare gap
  • Increase your purchasing power


  • Borrower(s) must be 62 years or older
  • Must be a homeowner and either own home out right or have significant equity
  • Must live in home as the primary residence (live there 6+ months per year)
  • The property must be a single-family home, a 2 to a 4-unit dwelling or FHA-approved condo
  • Must meet minimal credit and property requirements
  • Must receive reverse mortgage counseling from a HUD approved counseling agency
  • Must not be delinquent on any federal debt
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Our Loan Options

Home Equity Conversion Mortgage (HECM)

A home loan that allows you to convert a portion of the equity in your home into cash, HECMs are insured by the Federal Housing Administration (FHA) and you can only get one through an FHA-approved lender like Fairway.

Jumbo Reverse Mortgage

Allows you to access more equity on a high-value property. The home value limit you can borrow against with a jumbo reverse mortgage is higher than the current limit you would face with a traditional HECM reverse mortgage ($1,089,300).

HECM For Purchase

A home loan that you can use to purchase a new home. It is designed to make it easier for you to afford a new home that will better fit your needs in retirement.


Does the reverse mortgage lender own your home?

You remain the owner of your property. There is no change to the deed or title of your home when completing a reverse mortgage.

How will the reverse mortgage lender determine how much money you will need at closing?

The down payment you will need to bring to closing will be determined based on your age, interest rates at the time and the sales price (or appraised value, whichever is less) of the home you are buying.

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Find a Reverse Mortgage Planner

We have hundreds of convenient locations to serve you! Start by selecting your state to find a Reverse Mortgage Planner closest to you.

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Like How Much You May Qualify For.

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This site is not authorized by the New York State Department of Financial Services. No mortgage solicitation activity or loan applications for properties located in the State of New York can be facilitated through this site.
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