Reverse Mortgage FAQs
Quick Facts
HECM (Home Equity Conversion Mortgage) loans - also known as Reverse Mortgages - can be an important financial option for seniors, their family members, and financial professionals to consider as part of an overall retirement planning strategy or to help meet cash flow needs.
Over the past 50+ years, the Reverse Mortgage has positively grown in popularity, and has developed into an intelligent option to increase the financial independence of homeowners 62 years of age or older.
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Reverse Mortgage FAQs
AARP defines a Reverse Mortgage as: A Reverse Mortgage is a loan against your home that you do not have to pay back for as long as you live there.
The Reverse Mortgage began as early as 1961. In 1989 (Federal Housing Administration) insured the first HECM (Home Equity Conversion Mortgage) otherwise known as a Reverse Mortgage to Marjorie Mason of Fairway, Kansas. - The Reverse Mortgage was written to help Marjorie, who was a widow, stay in her home despite the loss of her husband's income. To this day, Reverse Mortgages continue to help homeowners 62 years of age or older with many benefits.
Frequently Asked Questions
The money can be received in a lump sum, as monthly payments – for a term or for life, through a line of credit or a combination of all options.
Yes! The HECM (reverse mortgage) is insured by FHA/HUD. It is strictly regulated, transparent and monitored. If something happens to your lender, FHA takes over to become your lender.
This is determined by factors including: age of the youngest homeowner, value of the home or FHA (Federal Housing Administration) lending limit and current interest rate.
Yes. The loan is designed to be paid through a refinance or sale of the house. This is when the last borrower occupant moves out, passes away or sells the house.
Exactly. And you’re still responsible for property taxes, hazard insurance and maintenance.
We're here to answer all of your Reverse Mortgage questions
A friendly HECM expert is available to answer your questions at (503) 232-6659 or by email at info@equityaccessrm.com