REVERSE MORTGAGE (HECM)
Access Your Home Equity with Confidence
A Reverse Mortgage, also known as a Home Equity Conversion Mortgage (HECM), allows homeowners aged 62 or older to access their home equity without monthly mortgage payments.
Whether you want to supplement retirement income, cover unexpected expenses, or improve cash flow, First USA Mortgage Solutions can guide you through every step — safely and transparently.
WHY VA LOANS STAND OUT
What is a Reverse Mortgage?
A Reverse Mortgage is a federally regulated loan that allows homeowners aged 62 or older to convert part of their home equity into cash — without selling their home or making monthly mortgage payments.
Unlike a traditional mortgage where you pay the lender, with a reverse mortgage the lender pays you — using your home's built-up value. The loan is repaid when the home is sold, the last borrower passes away, or permanently moves out.
During this time, you remain the homeowner — you continue to live in and maintain your home just as before.
The HECM Program
The most common reverse mortgage is the Home Equity Conversion Mortgage (HECM), insured by the FHA and overseen by HUD. Because it's federally insured, the HECM program provides strong consumer protections — borrowers and their heirs never owe more than the home's market value when the loan is repaid.
FLEXIBLE PAYOUT OPTIONS
Lump Sum
All funds upfront at closing
Monthly
Fixed monthly payments
Line of Credit
Draw as needed, grows over time
KEY BENEFITS
Benefits of a Reverse Mortgage
A reverse mortgage can provide meaningful financial flexibility for seniors — allowing you to stay in your home while accessing the equity you've built over decades.
No Monthly Mortgage Payments
Eliminate monthly mortgage payments, providing more financial freedom and flexibility throughout retirement.
Stay in Your Home
You remain the owner of your home as long as it's your primary residence and you meet loan obligations such as property taxes and insurance.
Access Your Home's Equity
Turn your home's equity into cash for medical expenses, home repairs, or other financial needs — without selling.
FHA-Insured Protection
Backed by the FHA, meaning you'll never owe more than the home's value when the loan is repaid. Any remaining equity goes to your heirs.
Financial Stability & Planning
Supplement retirement income, delay drawing from other retirement assets, and plan confidently for healthcare, home maintenance, or unexpected expenses.
Flexible Payout Options
Choose between a lump sum, monthly payments, or a growing line of credit — tailored to your financial needs and goals.
TYPES OF REVERSE MORTGAGES
Which Type Is Right for You?
There are three main types of reverse mortgages. Most homeowners will qualify for and benefit most from the HECM — but your situation may point to a different option.
— MOST COMMON
Home Equity Conversion Mortgage (HECM)
BEST FOR
Most homeowners 62+ looking for a federally insured, flexible option with strong consumer protections.
The only federally insured reverse mortgage option
Flexible payout — lump sum, monthly payments, or line of credit that grows over time
Strong consumer protections: you'll never owe more than your home's value
Requires mandatory HUD-approved counseling before closing
— GOVERNMENT-ISSUED
Single-Purpose Reverse Mortgage
BEST FOR
Lower-income homeowners who need a smaller amount for a specific, approved purpose.
Offered by state or local government agencies and nonprofits
Funds can only be used for specific purposes — home repairs, energy upgrades, or property taxes
Often a good choice for those who meet local income qualifications
— HIGH-VALUE HOMES
Proprietary Reverse Mortgage
BEST FOR
Owners of high-value homes who want access to larger loan amounts beyond FHA limits.
Private loans backed by the companies that develop them — not government-insured
Designed for homeowners whose home value exceeds the federal lending cap
Can provide larger loan amounts than what's allowed under FHA limits
ELIGIBILITY REQUIREMENTS
Who Can Qualify for a Reverse Mortgage?
Eligibility is straightforward — most homeowners 62 or older who live in their home as a primary residence will meet the basic requirements.
You are 62 years or older
You own your home outright or have a low remaining mortgage balance
The property is your primary residence
You continue to pay property taxes, homeowners insurance, and maintain the home
You complete mandatory counseling with a HUD-approved counselor
Key Considerations Before Applying
A reverse mortgage is not the right choice for everyone. Before applying, consider your long-term housing plans, health needs, and estate goals. It's important to understand how a reverse mortgage will affect your home equity and inheritance. Consulting with a financial advisor or housing counselor can help ensure the decision aligns with your overall financial strategy.
THE PROCESS
Steps in the Reverse Mortgage Process
The process is straightforward. We guide you through each step — from your initial eligibility check to receiving your funds.
01
Eligibility Check
Confirm you're 62 or older and that your home is your primary residence.
02
HUD Counseling
Complete mandatory counseling with a HUD-approved counselor to ensure full understanding of the loan terms.
03
Application & Appraisal
Work with a lender to apply, which includes a financial assessment and home appraisal.
04
Receive Your Funds
Access your funds as a lump sum, line of credit, or monthly payments — based on your chosen payout option.
IS THIS FOR YOU?
Who We Work Best With
Not everyone qualifies for the best mortgage solutions. We work with homebuyers who are serious about finding the right fit — not just the lowest number.
Have already found a home or are actively searching
Whether you're just browsing or ready to buy, we can help you secure the right financing.
Want a mortgage plan tailored to their financial goals
We don't believe in one-size-fits-all loans. Our advisors help you find a mortgage that works for your unique situation.
Are looking for expert guidance, not just the lowest rate
A mortgage is more than a number. We provide clear, transparent advice to help you make the smartest long-term decision.
Understand that a good mortgage is an investment
We work with buyers who value smart, strategic mortgage planning — not just the cheapest option today.