Finance In-Home Care and Medical Expenses 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

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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.


Protect Your Health and Wealth

  • Pay for long-term care insurance premiums (before needing care)
  • Fund the deposit on a nursing home (e.g., the care is needed for one spouse and the other spouse still lives at home)
  • Self-fund professional or informal care for a period of time (e.g., pay for an in-home care nurse while recovering from a fall)
  • Cover medical expenses

The unforeseen costs of in-home care, long-term care, and medical treatments can swiftly accumulate, jeopardizing your financial stability and legacy. Creating a plan to fund or finance potential long-term care needs during retirement is crucial for safeguarding your health and wealth.

Here's the good news: You might qualify for a Home Equity Conversion Mortgage (HECM), a reverse mortgage loan insured by the FHA, explicitly designed for homeowners 62 and over.

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 long-term care, in-home care and medical expenses
  • Pay for aging-in-place renovations
  • Pay off high-interest credit cards
  • Pay for a large purchase, like a new car
  • 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. By starting your HECM line of credit early, you can enjoy increased financial freedom later in life when health-related expenses are more likely to arise.

To illustrate, consider the following example based on a monthly interest rate of 6.75% and no withdrawals made:

  • Initial Line of Credit: $200,000
  • In 5 years: $287,000
  • In 10 years: $412,056
  • In 20 years: $848,911

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 Provides Financial Security for Medical Expenses


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

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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