A HECM reverse mortgage allows you to turn your home equity into usable funds — either as a lump sum or monthly payments — while continuing to live in your home. Unlike traditional loans, you won’t need to make monthly repayments, and the balance is settled only when you leave the home or pass away.
A reverse mortgage provides a way for homeowners aged 62 and older to convert part of their home’s equity into cash without selling their home or taking on new monthly payments. The funds can be disbursed as a lump sum, monthly installments, or a combination of both. The loan is repaid when the homeowner sells the home, moves out for over a year, or passes away. Federal guidelines ensure that the amount owed will never exceed the home’s value, giving borrowers and their families financial peace of mind.
Rules and Protections
In the first 12 months, you can only access up to 60% of your total loan amount. After this period, the remainder becomes available.
Lenders review your finances to confirm you can keep up with property taxes, homeowners insurance, and home maintenance.
The loan is repaid when you no longer live in your home. If the balance exceeds the home’s value, FHA insurance covers the shortfall, ensuring you or your heirs are not personally liable.
​The Age of the Youngest Borrower​
A HECM reverse mortgage is only available when the youngest borrower on the loan is at least 62 years old.
​Property Value as Collateral​
To protect the lender, the property used as collateral must have substantial equity and a value equal to or greater than the loan amount. Even if the borrower meets the age requirement, they must also have enough home equity to qualify.
​Existing Mortgages​
Lenders assess the borrower’s financial stability before approving the loan. Applicants with high existing mortgage balances are considered higher risk and may not qualify for a reverse mortgage.
I can walk you through the numbers, answer your questions, and help you make the best decision for your future. Let’s talk — your home’s value could be working for you.
Jet Direct Mortgage © 2025. All Rights Reserved. Alabama Consumer Credit License - License/Registration #22632; Arizona Mortgage Banker License - Lic/Reg#:1040763; Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act - #41DBO-81230; Colorado Mortgage Company Registration #LMB100014791; Connecticut Mortgage Lender License #20333; Delaware Lender License - License/Registration #032943; Florida Mortgage Lender Servicer License #MLD357; Licensed by the Georgia Department of Banking and Finance Company License Company - License #64345; Illinois Residential Mortgage License - Lic/Reg#:MB.6850070; Indiana DFI Mortgage Lending License No. 59981; Maine Supervised Lender License No. SLM9525; Maryland Mortgage Lender License #17365; MA Mortgage Lender License #ML3542; Michigan 1st Mortgage Broker/Lender/Servicer Registrant #FL10015703; Licensed Residential Mortgage Lender NJ Dept of Banking & Insurance #3542; New Mexico Mortgage Loan Company License 3542; Licensed Mortgage Banker NYS Department of Financial Services #B500903 – NMLS#3542; North Carolina Mortgage Lender License L-180193; Ohio Mortgage Broker Act Mortgage Banker Exemption # MBMB.850088.000; Oregon: State of Oregon ML-3542; Pennsylvania Mortgage Lender License No. 47421; South Carolina-BFI Mortgage Lender / Servicer License MLS–3542; Tennessee Mortgage License - License/Registration #17365; Texas – SML Mortgage Banker Registration; Virginia License/Registration # MC-4985; Washington Department of Financial Institutions, Consumer Loan Company License CL-3542; Wisconsin - Mortgage Banker License, #ML3542;
​Service areas:Long Island|NYC|CA|NC
NMLS: 3542 NMLS CONSUMER ACCESS​
