Reverse Mortgages

Today's reverse mortgages offer more choices than ever before—including traditional FHA-insured programs and private reverse mortgages designed for borrowers whose needs don't fit government program guidelines.

What's the difference? More options. More flexibility. And financing possibilities you may not even know exist.

Some private reverse mortgage programs may offer higher loan amounts, different age requirements, and options for higher-value properties.

Whether you're looking to improve retirement cash flow, access your home's equity, or purchase your next home, it's worth taking a second look.

Before you rule out a reverse mortgage, let's explore what's possible.

Reverse mortgages have changed over the years. For homeowners age 62 and older, a Home Equity Conversion Mortgage (HECM) may offer a way to access home equity, improve monthly cash flow, or even purchase a new primary residence.

A reverse mortgage isn't right for everyone. But it's worth understanding before you dismiss it.

• Eliminate required monthly mortgage payments. With a HECM, you aren't required to make monthly principal and interest payments as long as you meet the loan obligations.
• Access your home equity. Depending on eligibility, funds may be available through a lump sum, monthly payments, or a line of credit.
• Purchase your next home. A HECM for Purchase can help eligible buyers purchase a primary residence using a combination of their own funds and reverse mortgage financing.
• Remain the owner of your home. You retain title to your property, provided you meet the loan requirements.

For an FHA-insured HECM, you generally must:

• Be at least 62 years old.
• Occupy the property as your primary residence.
• Have sufficient equity or funds available for the transaction.
• Complete counseling with a HUD-approved HECM counselor.
• Meet the lender's financial assessment and property eligibility requirements.

Important: You must continue paying property taxes, homeowners insurance, applicable HOA fees, and other required property charges. You must also maintain the property and meet occupancy requirements. Failure to meet these obligations can result in foreclosure.

A HECM is a reverse mortgage insured by the Federal Housing Administration (FHA).

Other reverse mortgages are offered by private lenders and may have different eligibility requirements, loan limits, and features.

2026 HECM Update: The nationwide FHA HECM maximum claim amount is $1,249,125. This is not the amount every borrower can receive. Actual available proceeds depend on age, interest rates, property value, and other program factors.

That's the question worth exploring.

A reverse mortgage can provide financial flexibility, but interest and fees increase the loan balance over time and may reduce the equity remaining in your home.

With 23 years of mortgage experience, I can help you understand your financing options, ask the right questions, and determine whether a reverse mortgage deserves consideration.

Vickie Bouffard

1st American Residential Lending, LLC

602-922-3501

Loan approval and terms are subject to underwriting, program eligibility, and applicable requirements. HECM borrowers must complete required independent counseling.