Finance Your Home Renovations Using Your Home Equity

Learn How

No Monthly Mortgage Payments Required! Just Pay the Property Charges, Like Taxes and Insurance

Here's How: Access the funds you need by obtaining a reverse mortgage loan

> Schedule Your Free Consultation <

Most reverse mortgage loans are Home Equity Conversion Mortgages (HECMs), the only reverse mortgages insured by the Federal Housing Administration (FHA). This webpage discusses HECM loans.

Eliminate Monthly Mortgage Payments

You still must pay property-related taxes, insurance and upkeep expenses.

Access Equity as Cash

Access a portion of your home’s equity without incurring income tax.†

You Own Your Home

You remain on title and own your home so long as you meet the loan obligations.


Renovate Your Home and Boost Cash Flow in Retirement

  • Safer
  • More aesthetically pleasing
  • More comfortable
  • More valuable

Articles About Reverse Mortgage Loans and Home Improvements

Reverse Mortgage Loans and Home Repairs: Key Insights

The Benefits of HECM Loans for Home Improvement

Reverse Mortgage Loan Helps Retiree Buy Dream Home, Fund Improvements

As a HECM borrower, you can:

  • Access a percentage of your home equity as cash, fixed monthly payments or a line of credit.
  • Use HECM funds to refinance (pay off) a traditional mortgage (if you still have one).
  • Choose how much or little to pay toward the loan each month or defer payments entirely while living in your home. You must maintain the home and cover property charges such as taxes and insurance.

Plus, you can use any remaining HECM loan proceeds as you wish, such as to:

  • Pay for aging-in-place renovations
  • Pay off high interest credit cards
  • Pay for large purchases, like a new car
  • Pay for in-home care
  • Establish a rainy day fund

Harness the Power of the HECM Line of Credit


Unlock the full potential of your HECM line of credit by taking advantage of its compounding growth. As the unused portion of the credit line increases, so does your borrowing capacity. Initiating your HECM line of credit sooner rather than later grants you greater financial flexibility in the future, allowing for potential home enhancements and upgrades down the road.

Here's a hypothetical example of a 65-year-old borrower utilizing a HECM line of credit for home renovations:

  • Home Value: $600,000
  • Eligible HECM Line of Credit: $200,000
  • Renovation Costs: $90,000
  • Remaining HECM Line of Credit: $110,000
  • Monthly Mortgage Payment: $0

Note: Must pay essential property charges, like taxes and insurance.

Note: This information is provided as a guideline; the actual reverse mortgage available funds are based on current interest rates, current charges associated with loan, borrower date of birth (and that of eligible non-borrowing spouse, if applicable) the property sales price and standard closing cost. Interest rates and loan fees are subject to change without notice.

Remember, home values in many areas across the country are still at or near historic highs. That's wonderful news for you as a homeowner, especially if you want to put your housing wealth to work.


Customer Testimonial: Reverse Mortgage Loan for Home Improvements


Why Fairway Independent Mortgage Corporation?

Fairway Independent Mortgage Corporation is a national mortgage lender with top-notch customer service.

We're committed to providing an amazing experience – from loan application to closing, and beyond.

  • We're a national, full-service lender with high customer satisfaction scores
  • We're ranked as one of the top 10 mortgage companies in America by Mortgage Executive Magazine
  • As an FHA-approved lender, we can sell HECM reverse mortgages
  • We’re dedicated to educating consumers, as well as their family members and other trusted advisors, on the pros and cons of reverse mortgages

How Customers Rate the Fairway Experience

Full Star Full Star Full Star Full Star Part Star

4.9 out of 456,590 Reviews

View More
Full Star Full Star Full Star Full Star Part Star

4.95 out of 32,883 Reviews

View More
Full Star Full Star Full Star Full Star Part Star

4.97 out of 3,264 Reviews

View More
Full Star Full Star Full Star Full Star Full Star

5.0 out of 4,471 Reviews

View More
Best Overall Reverse Mortgage Lender

Schedule an Appointment With Us Today!

Call us or complete the form below to schedule a free consultation. Together, let’s find out if leveraging home equity is the right move for you and your retirement.


†This material does not constitute tax advice. Please consult a tax advisor regarding your specific situation.

*Source: cbsnews.com/news/best-reverse-mortgage-companies-2023