- Home
- Loan programs
- Reverse mortgage
Reverse mortgages, explained without pressure
A Home Equity Conversion Mortgage lets homeowners 62 and older access equity with no required monthly mortgage payment.
- Minimum age
- 62
- Monthly payment
- Not required
- Counseling
- HUD-approved, required
- 2026 HECM limit
- $1,209,750 (sample)
How a reverse mortgage works
A Home Equity Conversion Mortgage (HECM) is FHA-insured and designed for retirees who want to stay in their home. You can receive a lump sum, monthly payments, a line of credit, or a mix. No monthly mortgage payment is required as long as you live in the home, pay taxes and insurance, and maintain the property.
Reverse mortgages are not right for everyone. Federal rules require independent counseling before you apply, and we encourage adult children or trusted advisors to join our conversations. We would rather lose a loan than have a client misunderstand one.
What is included with Summit Ridge
Every reverse mortgage comes with one flat $995 lender fee, shown before you apply, plus everything below.
- Family meeting with your loan officer
- HUD counseling agency referral list
- Payout option comparison (lump sum, tenure, line)
- HECM for Purchase for downsizing
- Financial assessment preparation
- Plain-language heirs guide
The process, step by step
One loan officer and one processor from your first question to closing day.
- 1
Education call
Learn how the loan works and whether it fits your goals, with family welcome.
- 2
Counseling
Complete a session with an independent HUD-approved counselor.
- 3
Appraisal and review
FHA appraisal plus a financial assessment of taxes and insurance history.
- 4
Close
Choose your payout structure. Funds are available after the rescission period.
Why borrowers choose it
Stay at home
Age in place in the neighborhood you know.
No monthly payment
Free up cash flow for healthcare, travel or daily living.
Growing line of credit
An unused HECM line grows over time.
Non-recourse
You or your heirs never owe more than the home's value when it is sold.
Requirements and pricing factors
Your rate and approval depend on these factors. We explain exactly which ones move your price.
See sample rates- Age
- Youngest borrower 62 or older
- Equity
- Significant equity, often 50%+
- Occupancy
- Primary residence
- Obligations
- Keep paying taxes, insurance and HOA dues
- Counseling
- Completed with a HUD-approved counselor
Reverse mortgage questions
More answers in our full FAQ and learning center.
No. You keep title. The loan is repaid when you sell, move out permanently, or pass away.
Heirs can sell the home and keep any equity above the loan balance, or pay off the loan to keep it.
The loan can become due if taxes, insurance or HOA dues are not paid, or the home is not maintained. We review this carefully before you apply.
Ready to price your reverse mortgage?
Pre-qualify in about 6 minutes with a soft credit check. No impact to your score and no obligation.
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