In Plain
English
A reverse mortgage is a loan for homeowners — typically 62 or older — that lets you borrow against your home's equity without making monthly mortgage payments.
The loan is repaid when you sell the home, permanently move out, or pass away.
You remain responsible for property taxes, homeowners insurance, and home upkeep throughout. The most common type, a HECM, is insured by the FHA and requires HUD-approved counseling before closing.
Common Questions
Does the bank own the home?
No — you retain ownership of your home the entire time.
Can heirs keep the home?
Often yes, typically by repaying or refinancing the loan balance. The details depend on the loan and your family's circumstances.
What happens if I move or sell?
The loan becomes due at that time, repaid from the proceeds of the sale.
Is counseling required?
Yes. For HECM loans, HUD-approved counseling is required before closing — a safeguard built into the process.
These are general answers. Your specific situation should be discussed directly with Dawn.
For the Family
Helping a parent think this through?
You're not alone in this. Dawn has a dedicated guide written for adult children — plain language about what happens to the home, what heirs can expect, and the questions worth asking together.
Visit Helping Mom or Dad →Reverse Mortgage Disclosure
A reverse mortgage is a loan that must be repaid, typically when the borrower sells the home, permanently moves out, or passes away. Borrowers remain responsible for property taxes, homeowners insurance, and home maintenance. HUD-approved counseling is required for HECM (FHA-insured) reverse mortgages. This is general education, not individual advice — talk with Dawn about your specific situation.
Ready to talk through your options?
This page is general education, not individual advice. Dawn can walk through your specific situation, in plain English, whenever you're ready.
Dawn Bullard Impastato | NMLS #2354629
Mortgage services through Argent Lending LLC | NMLS #2342251