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For Homeowners Age 62+

Reverse Mortgages: Turn Your Home Equity Into Retirement Freedom

A reverse mortgage can help homeowners age 62 and older access a portion of their home equity — with no required monthly mortgage payment — while continuing to live in and own their home. Earnest takes the time to explain every detail, and family members are always welcome in the conversation.

Learn About My Options → 📞 (405) 390-7072
  • Age 62+
  • No monthly mortgage payment required*
  • You keep the title to your home

Request Reverse Mortgage Information

Quick, no-obligation request. Earnest will follow up personally.

Prefer to talk now? Call or text Earnest at (405) 390-7072

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Overview

What Is a Reverse Mortgage?

The most common reverse mortgage is the FHA-insured Home Equity Conversion Mortgage (HECM). It allows homeowners age 62 or older to convert part of their home equity into funds without selling the home or making monthly principal and interest payments.

You keep title to your home. The loan balance grows over time and generally becomes due when the last borrower permanently moves out, sells the home, or passes away. At that point, the home is usually sold to repay the loan, and any remaining equity belongs to you or your heirs. Because a HECM is a non-recourse loan, you or your heirs will never owe more than the home is worth when it's sold.

Funds can be received as a lump sum, monthly payments, a line of credit that can grow over time, or a combination. Many retirees use a reverse mortgage to pay off an existing mortgage, cover healthcare costs, supplement retirement income, or make home modifications to age in place.

HECM for Purchase

Looking to downsize or move closer to family? A HECM for Purchase lets you buy a new primary residence using a reverse mortgage plus a down payment — with no monthly mortgage payment afterward.

*Important: Borrowers must continue to live in the home as their primary residence, pay property taxes, homeowners insurance, and any HOA dues, and maintain the home. Failure to meet these obligations can cause the loan to become due. HUD-approved counseling is required before applying. A reverse mortgage is not right for everyone — Earnest will help you weigh the pros and cons honestly.

Key Benefits

How a Reverse Mortgage Can Help

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Stay in Your Home

Continue living in and owning your home as long as you meet loan obligations.

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No Monthly Mortgage Payment

No required monthly principal & interest payments (taxes, insurance & upkeep still required).

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Growing Line of Credit

An unused HECM line of credit can grow over time, giving you more available funds later.

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Non-Recourse Protection

You or your heirs will never owe more than the home's value when it's sold.

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Flexible Payouts

Lump sum, monthly payments, line of credit, or a combination.

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Family-Friendly Process

Earnest encourages family involvement and transparent conversations.

At a Glance

HECM Reverse Mortgage at a Glance

General guidelines only — requirements vary by lender and individual situation.

FeatureDetails
Minimum Age62 (youngest borrower; eligible non-borrowing spouses may be younger)
OccupancyMust be your primary residence
EquitySignificant equity required; existing mortgage paid off at closing
CounselingHUD-approved counseling session required
Monthly PaymentNo required monthly mortgage payment; taxes, insurance, HOA & maintenance required
Maximum Claim AmountFHA HECM limit set annually
Property TypesSingle-family, 2–4 units (owner-occupied), FHA-approved condos, certain manufactured homes
Mortgage InsuranceUpfront and annual FHA mortgage insurance premiums apply

Program guidelines, limits, and fees are subject to change. All loans subject to credit approval. Terms and conditions apply.

The Process

The Reverse Mortgage Process

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Free Consultation

Sit down with Earnest (and your family, if you'd like) to review your goals and estimates.

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HUD Counseling

Complete a required session with an independent HUD-approved counselor.

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Application & Closing

Appraisal, underwriting, and closing — then access your funds as you choose.

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"My husband and I are both retired and were still making a mortgage payment. Earnest met with us and our daughter, explained the reverse mortgage plainly, and answered every question without pressure. We paid off our mortgage and now have breathing room in our budget."
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Gloria & Harold SimmonsRetired homeowners · HECM reverse mortgage in Midwest City, OK

Client testimonials reflect individual experiences and are not a guarantee of future results, rates, or approval.

Request Your Free Reverse Mortgage Consultation

No pressure, just honest answers. Family members are welcome to join the conversation.

Prefer to talk now? Call or text Earnest at (405) 390-7072

🔒 Your information is secure and never sold. Checking your options will not affect your credit score.

Answers

Reverse Mortgage FAQs

No. You keep title to your home. The lender places a lien on the property, just like a traditional mortgage. As long as you live in the home and meet your obligations, you can stay.

The loan becomes due. Your heirs can choose to repay the loan and keep the home (often by refinancing), sell the home and keep any remaining equity, or turn the home over to the lender. Because HECMs are non-recourse, heirs will never owe more than the home's value.

The amount depends on the age of the youngest borrower (or eligible non-borrowing spouse), current interest rates, the home's appraised value (up to the FHA limit), and any existing mortgage balance. Earnest can provide a personalized estimate.

Reverse mortgage proceeds are generally considered loan advances, not income, and typically aren't taxable. They usually don't affect Social Security or Medicare, but may affect needs-based benefits like Medicaid. Consult a tax or financial advisor for your situation.

Yes, as long as you have sufficient equity. The existing mortgage must be paid off with the reverse mortgage proceeds at closing, which eliminates that monthly payment.

Have a quick question about your options?

Earnest answers calls and texts personally — no call centers.

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