Reverse Mortgage Solutions for Seniors 62+

Reverse Mortgage Solutions for Seniors

If you’re 62 or older, you may qualify for a reverse mortgage loan. Contact Ken Andreas today to learn more and find out if you qualify!

A Home Equity Conversion Mortgage (HECM) is the official name for the government-backed loan commonly known as a "reverse mortgage." Backed by the Department of Housing and Urban Development (HUD), HECMs are designed to help seniors 62+ improve cash flow during retirement. For homeowners with high-value properties (typically over $1 million), private jumbo reverse mortgages¹ may also be available. These loans offer unique features and are not insured by the FHA.

How Reverse Mortgages Work for Seniors

To qualify for a reverse mortgage:

• You must be at least 62 years old.
• The home must be your primary residence, with sufficient equity to pay off existing mortgages.
• Minimal income and credit standards apply.

With a reverse mortgage, you can live in your home without making monthly mortgage payments² or enjoy monthly proceeds from the equity you’ve built over the years. Borrowers retain ownership and title to their homes, allowing you to benefit from your investment while staying in the place you love.

Key Features of Reverse Mortgages

• Access Equity Without Moving: Unlock part of your home’s value for additional income or financial flexibility.
• FHA-Insured Peace of Mind: HECM loans are backed by the Federal Housing Administration, offering security for borrowers.
• Flexible Repayment Options: The loan is typically repaid when the home is sold, the last borrower moves out, or passes away.
• Retain Ownership: The home remains yours, and your heirs have options to retain or sell the property when the loan matures.

Counseling and Compliance

As a safeguard, all borrowers are required to complete counseling with an independent HUD-approved third-party counselor. This ensures you fully understand the terms and implications of a reverse mortgage.

Reverse Mortgage Facts

• Reverse mortgages are specifically designed for homeowners aged 62 and older.
• Loan proceeds are not subject to personal income tax, but borrowers should consult a tax advisor for guidance on impacts to government programs like Medicaid or Medi-Cal.³
• The loan is secured by your home, and failure to meet requirements (e.g., property taxes, homeowner’s insurance, or maintenance) could result in foreclosure.²

Start Your Journey to Financial Freedom

Contact Ken Andreas today to schedule a free consultation and learn how a reverse mortgage can enhance your retirement. Ken is here to provide clear, accurate information and help Texas seniors make informed decisions with confidence.

¹For the loans presented we are a Mortgage Broker only, not a mortgage lender or mortgage correspondent lender. We will arrange loans with third-party providers but do not fund the loans directly. We will not make mortgage loan commitments for these loans..

²There are some circumstances that will cause the loan to mature and the balance to become due and payable. The borrower is still responsible for paying property taxes, homeowner’s insurance and maintaining the property to HUD standards. Failure to do so could make the loan due and payable. Credit is subject to age, income standards, credit history, and property qualifications. Loan rates, fees, terms, and conditions are not available in all states and subject to change.

³Borrowers should seek professional tax advice regarding reverse mortgage proceeds. 

*Borrowers must continue to pay property taxes, homeowner’s insurance, and home maintenance costs.