Explore Reverse Mortgage Options for Homeowners 62+
For homeowners 62 and older. Access your home equity without monthly mortgage payments. Available in 7 states
What Is a Reverse Mortgage?
How the Reverse Mortgage Process Works
Here’s what typically happens when you explore a reverse mortgage:
- Confirm age, home value, property type, and equity
- Complete required counseling with a HUD-approved counselor
- Compare payout structures and loan terms
- Choose the option that fits your financial needs
Mortgage Marketplace LLC is licensed to help homeowners access reverse mortgage options in Oregon, California, Washington, Idaho, Texas, Florida, and Montana. View full licensing information.
A reverse mortgage is a home loan for homeowners age 62 and older that converts a portion of your home equity into cash without requiring monthly mortgage payments. Instead of you paying the lender, the lender pays you. The loan is repaid when the home is sold, you move out, or the borrower passes away. Most reverse mortgages are Home Equity Conversion Mortgages (HECMs), insured by the Federal Housing Administration.
Mortgage Marketplace is licensed to help homeowners in Oregon, California, Washington, Idaho, Texas, Florida, and Montana.
Why Homeowners Consider a Reverse Mortgage
Reverse mortgages can help you turn part of your home’s equity into funds you can use during retirement or later years. Common reasons homeowners explore a reverse mortgage include:
- Supplementing retirement income
- Covering healthcare or living expenses
- Reducing monthly financial pressure
- Accessing a line of credit for future needs
Your payout option — such as a lump sum, monthly payments, or a line of credit — is based on your financial profile, home value, and lender guidelines.
Who Qualifies for a Reverse Mortgage
To be eligible for a reverse mortgage you must:
- Be age 62 or older
- Own your home and use it as your primary residence
- Have significant equity in your home
- Continue to maintain property taxes, insurance, and upkeep
- Complete required counseling
Who Qualifies for a Reverse Mortgage
Mortgage Marketplace LLC is required to provide the following disclosure. A reverse mortgage is a complex financial product. Before proceeding, Oregon law requires you to receive counseling from a HUD-approved housing counselor. View the Oregon Reverse Mortgage Disclosure.
Is a Reverse Mortgage Right for You?
A reverse mortgage is a practical option for homeowners 62 and older who have significant equity and want to access it without selling the home or making monthly mortgage payments. It is not the right fit for everyone. Because the loan balance grows over time, it reduces the equity available to heirs.
We walk you through the full cost structure and help you compare it against other equity access options before you decide.
Reverse Mortgage Questions, Answered
Common questions about how reverse mortgages work, who qualifies, and what happens to the home.
1. Do I have to make monthly payments on a reverse mortgage?
2. What happens to my home when I pass away?
When the borrower passes away, the loan becomes due. Heirs have the option to repay the loan and keep the home, sell the home and use the proceeds to repay the loan, or hand the home over to the lender. HECMs are non-recourse loans, meaning the lender cannot collect more than the home is worth at the time of sale.
3. What is the minimum age for a reverse mortgage?
The minimum age for a Home Equity Conversion Mortgage (HECM) is 62. Both spouses must be 62 or older if both names are on the loan. If one spouse is under 62, they may qualify as a non-borrowing spouse under certain conditions. Age affects how much equity you can access.
4. Is HUD counseling required for a reverse mortgage?
Ready to Explore Your Reverse Mortgage Options?
We explain how reverse mortgages work, confirm your eligibility, and compare payout structures so you make an informed decision. Licensed in OR, CA, WA, ID, TX, FL, and MT.
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Rates and payout structures vary by age, equity, and goals. Begin with a tailored analysis to see how options align with your retirement needs.
