Key facts
- Available from age 55 on select proprietary programs (60 or 62 in some states), and 62 for the FHA-insured HECM.
- No monthly mortgage payment; the balance grows over time.
- Repaid when the last borrower sells, moves out permanently or passes away.
- HUD-approved counseling is required for a HECM.
Larz Martin, NMLS #2026245, arranges these loans through Lumin Lending, Inc. with access to 100+ wholesale lenders. Last updated October 2026.
Ways to receive the money
- A line of credit that, on a HECM, grows over time if unused.
- Monthly payments for a set term or for as long as you live in the home.
- A lump sum, or a mix of the above.
- Pay off an existing mortgage to eliminate that monthly payment.
HECM vs. proprietary (jumbo)
| FHA-insured HECM | Proprietary (jumbo) | |
|---|---|---|
| Backing | Insured by FHA | Private lender |
| Best fit | Most home values | Higher-value homes above the FHA limit |
| Mortgage insurance | FHA premium, upfront and ongoing | None; priced by lender |
| Unused line grows | Yes | Varies |
| Counseling | Required | Varies by program and state |
What to weigh
- Interest and fees are added to the balance, which reduces equity left for heirs.
- You must keep paying taxes, insurance and upkeep, and live in the home as your primary residence.
- Upfront costs can be higher than a HELOC.
- Heirs can keep the home by paying off the loan, or sell it; they never owe more than the home is worth on a HECM.
Frequently asked questions
Do I still own my home?
Yes. You keep title and remain responsible for taxes, insurance and upkeep.
Reverse mortgage or HELOC?
A HELOC needs a monthly payment and income to qualify; a reverse mortgage has no monthly mortgage payment but grows its balance over time. I can show you both side by side.
Related loan programs
Learn more
Rates and program availability vary by state, property and lender. This is not a rate quote, a credit decision, an offer or a commitment to lend. Program restrictions apply. Larz Martin NMLS #2026245 · CA DRE #02241936 · Lumin Lending, Inc. NMLS #2716106 · CA DRE #02291443. Equal Housing Opportunity.
