May 4, 2026 · Zack Cervantes, NMLS #502342
Reverse Mortgage Explained
How reverse mortgages work for homeowners 62+, and what happens on the back end.
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What People Ask
What is a reverse mortgage?
A reverse mortgage allows homeowners 62+ to access their home equity without making monthly payments. The loan balance grows over time and is repaid when the home is sold or the borrower leaves the home.
What happens to a reverse mortgage on the back end?
When the last borrower leaves the home, heirs have 12 months to sell, refinance, or settle the balance. The FHA insurance covers any shortfall between the loan balance and the home's value — heirs never owe more than the home is worth.