🏠 What Is a Reverse Mortgage?

A Reverse Mortgage, also known as a Home Equity Conversion Mortgage (HECM), is a special loan available to homeowners aged 62 and older. It allows you to convert part of your home’s equity into cash without having to sell your home or make monthly mortgage payments.

HECM loans are federally insured and designed to help retirees access the wealth they’ve built in their homes, providing financial flexibility during retirement. Instead of you paying the lender, the lender pays you—through a lump sum, monthly payments, or a line of credit.

Who Is a Reverse Mortgage For?

Why Consider a Reverse Mortgage?

A reverse mortgage can provide financial security and peace of mind in retirement. It’s a great option if you want to remain in your home while accessing your home equity to cover living expenses, healthcare costs, or simply enhance your quality of life.

Pros of Reverse Mortgages

• No monthly mortgage payments required
• You retain ownership and can stay in your home
• Funds can be used for any purpose
• Multiple payout options: lump sum, line of credit, or monthly income
• Federally insured loan program (HECM)

Cons of Reverse Mortgages

• Reduces home equity over time
• Loan balance increases as interest accrues
• Heirs may inherit less equity
• Must maintain property taxes, insurance, and home condition
• Not suitable for short-term housing needs

Is a Reverse Mortgage Right for You?

If you’re a homeowner over the age of 62 and looking to tap into your home’s equity to support your retirement lifestyle, a reverse mortgage could be a smart solution. At Chess Capital Partners, we make the process simple and transparent, helping you determine if this option fits your long-term financial goals.

Want to learn more? Contact our team for a personalized consultation or visit our Learning Hub for in-depth guides and success stories from clients like you.