You built the equity. Here is one way to put it to work in retirement.

Firefighters spend decades building equity in their homes alongside their careers. A Home Equity Conversion Mortgage (HECM) reverse mortgage lets eligible homeowners 62 and older convert that equity into cash without selling, making monthly payments or giving up ownership. The loan is repaid when you sell, move out or pass away. Our Real Estate Loan Consultants will walk you through whether it makes sense for you.

Here is how a reverse mortgage actually works.

A reverse mortgage works differently than most people expect. Here is what eligible homeowners need to understand before they decide if it is the right fit for their retirement plan.

You stay in your home and keep ownership.

A reverse mortgage does not transfer ownership. You keep the title and stay in your home as long as it remains your primary residence and you continue to meet the loan requirements, including taxes, insurance and basic maintenance.

You access your equity on your terms.

Based on your age, home value and current interest rates, you may be able to access a meaningful portion of your equity as a lump sum, a line of credit, monthly payments or a combination of all three.

No monthly mortgage payments required.

You are not required to make monthly payments on the loan balance. Interest and fees accrue over time and are added to the balance, which is repaid when the loan comes due through sale, permanent move-out or the passing of the last borrower.

The loan comes due when certain conditions are met.

The loan is repaid when you sell the home, permanently move out, do not occupy the property for 12 consecutive months, the last borrower passes away or you default on taxes, insurance or home maintenance requirements.

Decades of payments. Here is what they may have earned you.

Eligibility is based on your age, home equity and property requirements. If you still carry an existing mortgage, you may still qualify as long as there is enough equity to cover the payoff.

  • You are 62 years of age or older.
  • You own your home or have significant equity.
  • The home is your primary residence.
  • You can stay current on taxes and insurance.

Your equity. Your retirement. Your call on how to use it.

Fill the gap between your pension and your expenses.

For firefighters whose pension or Social Security does not fully cover monthly costs, a reverse mortgage can provide a reliable and steady stream of additional funds to bridge the difference.

Be ready for the medical expenses nobody plans for.

Healthcare costs in retirement can be significant and unpredictable. A reverse mortgage gives you access to funds when you need them most without touching your savings or disrupting your budget.

Make your home work better for the life you are living now.

Retired members use reverse mortgage funds to make accessibility modifications, tackle major repairs or simply make their home safer and more comfortable as they age in place.

Clear the debt and simplify your financial life.

Eliminating high-interest debt or an existing mortgage reduces your monthly obligations and gives you greater financial breathing room and peace of mind during retirement.

Build a reserve for whatever retirement throws at you.

A reverse mortgage line of credit grows over time, making it a financial safety net for unexpected expenses, emergencies or opportunities that arise throughout retirement.

What happens to your home after you are gone.

After the last borrower passes away, heirs have several options for handling the property. And no matter what they choose, they will never owe more than the home is worth at the time of repayment.

  • Sell and retain the equity
  • Repay and keep the home
  • Buy at 95% appraised value
  • Let the servicer sell it

Start your reverse mortgage loan with confidence.

Take the first step to understand more about our reverse mortgage loans. Apply today and move forward with clarity, speed and support at every stage.

Everything you need to know about reverse mortgage loans.

What is a reverse mortgage?

A reverse mortgage, specifically a Home Equity Conversion Mortgage (HECM), is a federally insured loan available to homeowners aged 62 and older that allows you to convert a portion of your home equity into cash. Unlike a traditional mortgage, you do not make monthly payments. The loan is repaid when you sell the home, permanently move out or pass away.

Will I still own my home?

Yes. You retain ownership and the title to your home. You can continue to live there as long as it remains your primary residence and you meet the loan requirements, including staying current on property taxes, homeowners insurance and any HOA fees.

How much can I borrow?

The amount you can access depends on your age, your home’s appraised value, current interest rates and the HECM lending limits set by HUD. Generally, the older you are and the more equity you have, the more you can access. A mortgage consultant can give you a personalized estimate.

How can I receive the funds?

You can receive the proceeds as a lump sum, a line of credit, fixed monthly payments or a combination. Each option has different implications for how interest accrues and how funds are available over time. Your mortgage consultant can help you choose the structure that fits your goals.

What are my responsibilities as a borrower?

You must continue to live in the home as your primary residence, stay current on property taxes and homeowners insurance, maintain the property to HUD standards and comply with all loan terms. Failure to meet these obligations may result in the loan becoming due.

What happens if I already have a mortgage?

You may still qualify for a reverse mortgage. The reverse mortgage must be in first lien position, meaning any existing mortgage would need to be paid off. In many cases the reverse mortgage proceeds can cover that payoff.

What happens to my heirs?

After the last borrower or eligible non-borrowing spouse passes away, heirs can sell the home and keep any remaining equity, repay the loan and retain the home, or purchase the home at 95% of its appraised value. Heirs will never owe more than the home is worth. If heirs do not wish to retain the property, the servicer may handle the sale.

Are there any restrictions on how I use the money?

No. You can use the proceeds for any purpose, including supplementing retirement income, covering healthcare costs, making home improvements or paying off existing debt.

What states is the reverse mortgage available in?

Home Equity Conversion Mortgages are available in all states except North Dakota, West Virginia, North Carolina, Rhode Island, New Hampshire, Vermont, Maine and Alaska. If you are in Washington state, you are required to complete counseling with a HUD-approved reverse mortgage counselor before proceeding.

Is HUD or FHA involved?

The HECM program is insured by the Federal Housing Administration (FHA), a division of HUD. This insurance protects both borrowers and lenders. However, the materials on this page are not from HUD or FHA and have not been approved by any government agency.

These materials are not from HUD or FHA and were not approved by any government agency.

Mortgages available in Arizona, California, Colorado, Florida, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Tennessee, Texas, Utah and Washington.

Home Equity Conversion Mortgages (HECM) are available in all states other than North Dakota, West Virginia, North Carolina, Rhode Island, New Hampshire, Vermont, Maine and Alaska.

Reverse mortgage borrower(s) must occupy home as primary residence and remain current on property taxes, homeowner’s insurance and any Homeowners Association fees. The borrower(s) must maintain the property to meet HUD standards or risk default. The loan will become due and payable when the last borrower or eligible non-borrowing surviving spouse dies, sells the home, conveys title to someone else, permanently moves out, does not reside in the property for 12 months, defaults on property taxes, homeowner’s insurance payments, neglects home maintenance, or does not otherwise comply with the loan terms. The subject property may be subject to a tax lien, other encumbrance, or foreclosure in the event of default. The lender may charge an origination fee, mortgage insurance premium, closing costs and servicing fees, which will be added to the balance of the loan. Interest and fees accumulate over time and will reduce equity. The balance of the loan grows over time and the lender will charge interest on the balance. Interest may not be tax-deductible until the loan is partially or fully repaid. Credit is subject to age, minimum income guidelines, credit history and property qualifications. This information is intended to be general and educational in nature and should not be construed as financial advice. Consult your financial advisor before implementing financial strategies for your retirement.

Borrowers located in Washington: If you are considering a reverse mortgage, specifically a Home Equity Conversion Mortgage (HECM), you must receive counseling from an independent, third-party, HUD-approved reverse mortgage counselor.

Reverse Mortgages will be done with Plaza Home Mortgage.

Plaza Fees:

  • Document Preparation: $150.00
  • Document Preparation (Texas only): $250.00
  • Trust Review (if applicable): $250.00
  • HOA Contract Review (if applicable): $150.00

FHA Sponsor ID 171-0100-241.

NMLS ID #649058.

Subject to credit approval.