A Plain-English Guide to HECM Reverse Mortgages.
A Home Equity Conversion Mortgage (HECM) is a special type of FHA-insured loan for homeowners 62 and older. It allows you to convert a portion of your home's equity into cash, tax-free, without having to make monthly mortgage payments.
You continue to own your home and live in it. You are simply responsible for paying property taxes, homeowners insurance, and maintaining the home.
The primary benefit for many is the elimination of their monthly mortgage payment, freeing up cash flow for retirement, healthcare, or other needs.
Receive your tax-free funds as a lump sum, monthly payments, a line of credit you can draw on, or a combination of these options.
First, you must complete a counseling session with an independent, HECM-approved counselor. This is a required step to ensure you understand the loan and it's right for you.
Use our simple calculator to get an idea of your potential proceeds. Then, I will personally guide you through the application and qualification process, just like a traditional mortgage.
Once approved, you pay off your old mortgage (if you have one) and receive your funds. You can stay in your home payment-free for as long as you live there.
Enter your details to see your estimated principal limit, available funds, and payout options. This calculator uses HUD HECM tables to provide accurate estimates.
70 years
5.5%
Important: This calculator is for educational purposes only and uses interpolated approximations from HUD HECM tables. Actual amounts vary based on lender, exact rates, fees, and underwriting. Please consult with me or a HUD-approved reverse mortgage counselor for personalized advice and exact figures.
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No obligation. No pressure. Just honest answers and expert guidance.
I'm Billy Robles, a licensed California mortgage specialist. My goal isn't to "sell" you a reverse mortgage. My goal is to give you clear, honest information so you and your family can make the best possible financial decision.
When you're ready, I'll be the one who picks up the phone. No call centers, no high-pressure sales—just real guidance.
No. This is the biggest myth. You (or your trust) retain full ownership of your home, just like with a regular mortgage. The bank simply has a lien on the property, which is paid off when you sell the home or no longer live there.
A HECM is a "non-recourse" loan. This is its most powerful feature. It means you or your heirs will *never* owe more than the home is worth at the time of sale. The FHA insurance covers any difference, protecting your other assets.
No. Loan proceeds from a HECM are not considered income. Therefore, they do not affect your Social Security or Medicare benefits. (Note: This may affect *needs-based* benefits like Medicaid. We can discuss this.)
The primary qualifications are: 1) You must be 62 years or older. 2) You must own your home and live in it as your primary residence. 3) You must have a significant amount of equity in your home. 4) You must complete a HECM counseling session.