🏡 Reverse Mortgages
Equity you can use, explained straight
A reverse mortgage (most commonly the FHA-insured Home Equity Conversion Mortgage, or HECM) lets homeowners age 62 and older convert part of their home equity into funds — a lump sum, monthly payments, a line of credit, or a mix — without a required monthly mortgage payment. It is a loan that must be repaid, typically when the last borrower sells, moves out, or passes away, and the borrower remains responsible for property taxes, homeowners insurance, HOA dues, and maintaining the home. Mel is passionate about using these tools carefully, alongside your financial planner, for asset preservation and generational planning.
Is this you?
Reverse Mortgages tend to be a great fit for…
- Homeowners 62+ with significant equity who plan to stay in the home
- Retirees who want a standby line of credit for cash-flow flexibility
- Families planning with a financial advisor around asset preservation
- Buyers 62+ using a HECM for Purchase to right-size without a monthly mortgage payment
Questions people actually ask
Reverse Mortgages: straight answers
Do I give up ownership of my home with a reverse mortgage?
No. You keep title to your home. The lender holds a lien, as with any mortgage. You must continue to live in the home as your primary residence, keep it maintained, and stay current on property taxes, homeowners insurance, and any HOA dues — failing to do so can trigger repayment.
When does a reverse mortgage have to be repaid?
When the last surviving borrower (or eligible non-borrowing spouse) sells the home, moves out permanently, or passes away — or if the obligations above aren’t met. Heirs can repay the balance, refinance, or sell; with an FHA-insured HECM, neither you nor your heirs owe more than the home is worth when it sells.
Is a reverse mortgage a government benefit?
No. It is a loan product. The most common type, the HECM, is insured by FHA, but Fairway is not a government agency and the funds are not a government benefit or entitlement. A HUD-approved counseling session is required before you can apply, precisely so you understand the costs and obligations.
Keep exploring
Conventional Loans
The workhorse of home financing — flexible terms, competitive costs, and down payments as low as 3% for first-time buyers.
Learn more →FHA Loans
The first-time buyer favorite — 3.5% down, friendlier credit requirements, and forgiving guidelines for real-life finances.
Learn more →VA Loans
For those who served — $0 down, no monthly mortgage insurance, and some of the strongest terms in all of lending.
Learn more →Not sure if reverse mortgages are right for you?
That’s literally what Mel is for. One conversation, all your options side by side, zero pressure to move forward.