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Reverse mortgages · HECM & proprietary

Reverse Mortgage 2026: HECM and Proprietary Options for Homeowners 62+

Convert a portion of your home equity into cash with no required monthly principal-and-interest payment. HUD-insured HECM for standard values, proprietary reverse for higher-value homes. Originated by Simply Approved Mortgages (Company NMLS# 2620881). We are not affiliated with HUD, FHA, or the U.S. government.

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Quick answerSummary
  • ✓For homeowners generally age 62 and older (some proprietary programs allow 55+)
  • ✓No required monthly principal-and-interest payment; taxes/insurance/maintenance still owed
  • ✓Non-recourse — you or your heirs never owe more than the home is worth at repayment (HECM)
  • ✓HUD-approved counseling is mandatory before a HECM application can be signed
  • ✓HECM Financial Assessment evaluates ability to pay taxes and insurance
  • ✓Proprietary reverse mortgages lend on higher home values above the HECM Maximum Claim Amount
  • ✓Disbursement: lump sum, monthly tenure/term, line of credit, or combination
SA

Written by

Simply Approved Mortgages Team

Licensed Loan Officers · NMLS# 2620881

12 min read·Independently researched · No paid product placement
Free with your request

Get your Reverse Mortgage 2026 scenario summary

Complete the short request and a Simply Approved Mortgages Loan Officer sends back a written summary built from your own numbers: an estimated payment breakdown, estimated cash to close, the loan structures that may fit your file, and the documentation underwriting will ask for.

  • Estimated monthly payment with taxes and insurance
  • Estimated cash to close for your scenario
  • Loan structures your profile may fit
  • Document checklist for your file
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Takes about 3 minutes · Summary shown on screen and emailed to you

Illustration only, generated from the information you enter. Not a rate quote, lock, loan estimate, pre-qualification, offer, approval, or commitment to lend. Figures are subject to credit, income, asset and property review and full lender underwriting; binding numbers appear on your Loan Estimate.

Scenario summary

Purchase price entered
$412,000
Down payment entered
$20,600
Estimated loan amount
$391,400
Estimated cash to close
$14,300
Programs reviewed
4

Sample layout with example figures — your own numbers replace these. Simply Approved Mortgages LLC · NMLS #2620881 · Equal Housing Opportunity.

Free · No obligation · Personalized guidance

Start your Reverse mortgage (HECM) pre-approval — under 2 minutes

HECM for homeowners 62+ — no monthly mortgage payment required. We'll show your green/yellow/red decision instantly.

~2 minutes Clear next steps from a real loan officer

Not a loan application, rate lock, or commitment to lend. Binding figures appear on your Loan Estimate.

HECM Reverse Mortgage Eligibility Helper

Check reverse mortgage (HECM) eligibility

The HUD Home Equity Conversion Mortgage (HECM) has strict age, occupancy, and property rules under 24 CFR Part 206. Answer below for a directional read. HUD is the final authority on HECM eligibility.

yr
$
$
Est. principal limit
~$173,000
Illustrative; based on age & value only
Existing liens to be paid off
$120,000
LTV: 24%
Net proceeds available
~$53,000
After lien payoff — before HECM fees

Not currently eligible for HECM

  • Youngest borrower on title is 62+ (HECM) or 55+ (proprietary jumbo)
    HECM eligible.
  • Property is your primary residence
    HECM is primary-residence only — second homes and investment properties are not eligible.
  • Eligible property type (SFR, FHA-approved condo, or 2–4 unit with primary occupancy)
    Manufactured homes must meet HUD Handbook 4235.1 standards. Non-FHA condos require an FHA condo project approval or single-unit approval.
  • Existing liens can be paid off from proceeds
    Estimated principal limit: ~$173,000. If existing lien exceeds it, borrower must bring cash to closing to close the gap.
  • HUD-approved HECM counseling completed (certificate on file)
    Required BEFORE the application can be taken — completed with a HUD-approved counselor.
  • Property taxes, homeowners insurance, and HOA current
    A LESA (life-expectancy set-aside) may be required if property charges have been delinquent.
  • No delinquent federal debt (tax liens, defaulted student loans, etc.)
    HECM requires no delinquent federal non-tax debt (CAIVRS clear).
Disclosure. Simply Approved Mortgages LLC (NMLS# 2620881) is not affiliated with, endorsed by, or acting on behalf of HUD or the federal government. HECM eligibility is governed by 24 CFR Part 206 and HUD Handbook 4235.1; final eligibility is determined by HUD/FHA. Estimated principal limit is illustrative and uses a simplified Principal Limit Factor — actual PLF depends on the current HECM expected interest rate published in the FHA HECM Mortgagee Letter series. Reverse mortgage borrowers must continue to pay property taxes, homeowners insurance, HOA fees, and maintain the property; failure to do so can trigger foreclosure. This tool is not a credit decision, loan approval, or commitment to lend. Individual results vary. Binding figures appear on your Loan Estimate.

Next steps

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Emailing your Reverse mortgage eligibility checker scenario opens our secure request form so a Simply Approved Mortgages Loan Officer can review those numbers. Estimates are illustrative and are not a quote, lock, offer, or commitment to lend.

What is a reverse mortgage?

A reverse mortgage is a home loan designed for older homeowners that lets you convert home equity into cash. Instead of you paying the lender each month, the lender makes proceeds available to you (as a lump sum, monthly payment, growing line of credit, or a mix). The loan balance grows over time as interest and mortgage insurance premiums accrue, and it is repaid when the last surviving borrower moves out permanently, sells the home, or passes away. You retain title and remain responsible for property taxes, homeowners insurance, HOA dues, and maintenance.

HECM vs proprietary reverse mortgage

  • HECM (Home Equity Conversion Mortgage) — HUD's federally insured reverse mortgage. Borrower age 62+, HUD-approved counseling mandatory, non-recourse, and lending limited to the HECM Maximum Claim Amount (MCA) published annually by HUD.
  • Proprietary reverse mortgage — Private, non-FHA-insured products offered by individual lenders. Typically used for home values above the HECM MCA (so-called "jumbo reverse"). Some proprietary programs accept borrowers as young as 55 depending on the state and product. Terms, non-recourse language, and counseling requirements vary by lender.

HECM payout plans

An adjustable-rate HECM can be structured several ways, and you can usually change the structure later:

  • Line of credit — draw what you need, when you need it. The unused portion does not accrue interest.
  • Tenure — equal monthly advances for as long as you live in the home as your principal residence.
  • Term — equal monthly advances for a fixed number of months.
  • Modified tenure or modified term — a combination of monthly advances plus a line of credit.

A fixed-rate HECM is a single full draw at closing and does not offer a line of credit.

How the HECM line of credit grows

The available line of credit on an adjustable-rate HECM increases over time in two ways:

  • Organic growth — the unused line compounds at the current interest rate plus the ongoing mortgage insurance premium rate (0.50% on current HECMs; older HECMs may carry a 1.25% ongoing MIP rate).
  • Prepayment growth — voluntary prepayments increase the available line dollar for dollar. Pay $5,000 toward the balance and the line of credit increases by $5,000.

Mathematically the available line equals your maximum borrowing capacity minus what you have already borrowed. Important compliance point: this growth is not income, interest earned, investment earnings, or a return on your home equity, and it is not guaranteed — a depleted line has nothing left to grow, and growth is suspended during a non-borrowing-spouse deferral period. The accurate description is simply a greater capacity to borrow in the future, independent of home value.

If you prepay, keep at least a small balance outstanding — HUD's servicing system allows a HECM to be closed once the balance falls below $100, which would end the line of credit. Prepayments are applied in order: mortgage insurance, servicing fees, accrued interest, then principal. Amounts over $600 are reported on IRS Form 1098. We do not provide tax advice; consult your tax professional.

Age and the HECM principal limit factor

The older the youngest borrower, the larger the share of value a HECM can advance. As an illustration only, at an expected rate of 6.625% with a 2% margin (rates as published 5/28/2026), gross principal limit factors run roughly 32.8% at age 62, 34.9% at 65, 38.6% at 70, 41.5% at 75, 46.1% at 80, 52.5% at 85, 59.8% at 90, and cap near 70.1% at ages 97 and above. The expected rate resets weekly and the margin you choose changes the result; these gross figures are before fees and any required set-asides, and they do not reflect a non-borrowing spouse under age 62. Your written disclosure controls.

Proprietary reverse options we can compare

When a HECM does not fit — higher home value, a first mortgage you want to keep, or a condo that does not meet FHA rules — proprietary reverse programs may. Typical structures in the market today:

  • Proprietary "standard" jumbo reverse — fixed rate priced by LTV tier, loan amounts commonly up to $4 million with a minimum principal limit around $200,000, no upfront or monthly mortgage insurance premium, no lien-seasoning requirement, and financial assessment standards similar to the HECM. Some programs allow proceeds to pay off debt at closing to help you qualify.
  • Proprietary second-lien reverse — lets you keep an existing low-rate first mortgage in place and add a fixed-rate reverse second. Principal limits commonly run about $50,000 to $1,000,000 (state minimums differ, for example $50,000.01 in Oregon and $70,000 in Utah), with no mortgage insurance and no servicing fee. The existing first lien generally must be a fully amortizing fixed or ARM (or a HELOC already in its repayment period) with a clean 24-month history; interest-only, balloon, negatively amortizing, private-lender, in-forbearance, Texas 50(a)(6), and existing reverse mortgages are not eligible. Additional subordinate liens, credit scores under 640, and non-arm's-length transactions are not permitted, and no line of credit or life-expectancy set-aside is offered.

Proprietary reverse mortgages are not FHA-insured and are not HUD programs. Availability, minimums, and terms vary by state and by investor and change frequently. Any HECM/proprietary comparison you receive will show each option side by side so you can see the trade-offs.

Ongoing borrower responsibilities

Reverse mortgages carry no required monthly mortgage payment, but they are not "no cost of living." You must:

  • Pay property taxes on time.
  • Keep homeowners insurance in force with the lender listed as a lienholder.
  • Pay HOA / condo dues on time.
  • Occupy the home as your principal residence.
  • Maintain the property in reasonable condition.

Failure to meet these obligations can trigger default and, ultimately, foreclosure. HUD's Financial Assessment on HECMs evaluates ability to meet these obligations and may require a Life Expectancy Set-Aside (LESA) — a portion of the Principal Limit reserved to pay taxes and insurance on your behalf.

Consumer protections

  • Non-recourse — HECM heirs and estates never owe more than the home is worth at repayment.
  • Mandatory HUD-approved counseling before signing a HECM application.
  • Non-borrowing spouse protections for eligible non-borrowing spouses under HUD rules.
  • Right of rescission — a 3-business-day right to cancel after closing on a HECM refinance of an owner-occupied primary residence.
  • Financial Assessment confirms ability to pay taxes and insurance.

How the reverse-mortgage process works

  1. 1

    Independent HUD-approved counseling

    Required for HECMs before an application can be signed. Session can be conducted by phone or in person.
  2. 2

    Application with your Simply Approved Mortgages Loan Officer

    Borrower info, Financial Assessment, and initial disclosures.
  3. 3

    Property appraisal

    A HUD-roster appraiser (HECM) or program-approved appraiser (proprietary) establishes the value used for the Principal Limit computation.
  4. 4

    Underwriting

    Credit, residual-income, and Financial Assessment review. A LESA may be required to reserve funds for property charges.
  5. 5

    Closing

    Documents signed. A 3-business-day right of rescission applies on owner-occupied refinances.
  6. 6

    Ongoing obligations

    Maintain taxes, insurance, HOA dues, and property condition for the life of the loan.
Expert Insight
Reverse mortgages are powerful tools for the right borrower — but they are not the right answer for everyone. They tend to be strongest for homeowners who plan to stay in the home long-term and need cash flow, a growing line of credit, or a way to fund a right-sized purchase. Borrowers who plan to move within a few years or need less than the closing costs of a reverse should compare a HELOC, a cash-out refinance, or a downsize sale. Simply Approved Mortgages will run all three side-by-side before you counsel.
Simply Approved Mortgages Team
Licensed Loan Officers • NMLS# 2620881

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Qualifications & requirements

HECM Reverse Mortgage qualifications: what you actually need to qualify

RequirementTypical standardNotes
Minimum age62 (all borrowers on title)Non-borrowing spouses under 62 may be eligible for deferral protection.
OccupancyMust occupy home as primary residenceMust live in the home more than 6 months per year.
Property type1–4 unit primary, FHA-approved condo, PUD, manufactured (with restrictions)Property must meet HUD Handbook 4000.1 property standards.
Financial assessmentRequired — income, credit, property chargesIntroduced by current HUD guidance. May require Life Expectancy Set-Aside (LESA).
HUD-approved counselingRequired before applicationIndependent counseling from a HUD-approved counselor (24 CFR 206.41).
HECM lending limit (2026)$1,249,125Set annually by HUD; per current HUD Mortgagee Letter.
Principal Limit Factor (PLF)Varies by age and expected rate (typically 30–60% of home value)Older borrowers and lower expected rates yield higher PLF.
Property chargesBorrower must pay taxes, insurance, HOA, and maintenanceFailure can trigger a maturity event.
First-year disbursement limitGenerally the greater of 60% of the Principal Limit, or mandatory obligations plus 10% of the Principal LimitHUD limit on cash available at closing and during the first 12 months. Fixed-rate HECMs are a single lump-sum draw at closing; adjustable-rate HECMs offer term, tenure, modified term, modified tenure, and line-of-credit plans.
Subordinate financingNot allowedNo new second lien behind a HECM.
Credit scoreNo minimum FICOHUD Financial Assessment reviews credit history, residual income, and property-charge payment history instead; results may require a Life Expectancy Set-Aside.
Seller / interested-party contributions (HECM for Purchase)Up to 6% of the sales priceMay be applied to origination fees, closing costs, and prepaid items.
Mortgage insurance2.00% upfront + 0.50% annual (financed)FHA-insured under HECM program.

Sources: 24 CFR Part 206, HUD Handbook 4235.1 and HECM Handbook 4000.1, HUD Mortgagee Letters 2014-07, 2014-22, and 2024-21. Simply Approved Mortgages LLC is not affiliated with HUD/FHA. Individual results vary.

What you can do with this loan

✓

Eliminate a monthly mortgage payment while remaining in your home

✓

Convert home equity into a tax-free line of credit that grows over time

✓

Take a lump-sum payment at closing (with restrictions on first-year draw)

✓

Receive tenure payments — steady monthly income for as long as you occupy the home

✓

Receive term payments — steady monthly income for a set number of years

✓

HECM for Purchase — buy a new primary residence with a reverse mortgage and no monthly payment

✓

Pay off an existing forward mortgage as part of closing

✓

Establish a standby line of credit as a retirement risk-mitigation tool

Reverse Mortgage / HECM: Pros and Cons

Pros of a reverse mortgage / HECM

  • +No monthly principal-and-interest payments as long as you meet occupancy, property tax, insurance, and maintenance obligations
  • +HECM is non-recourse — you or your heirs will never owe more than the home is worth at repayment (24 CFR 206.125)
  • +Federally insured HECM program administered by HUD
  • +Multiple payout options: lump sum, monthly tenure/term, line of credit, or combination
  • +Age 62+ eligibility for HECM; 55+ available on some proprietary jumbo reverse programs
  • +Loan proceeds are generally not treated as taxable income (consult a tax professional)

Cons / trade-offs of a reverse mortgage / HECM

  • −Mandatory HUD-approved reverse-mortgage counseling before application
  • −Upfront MIP of 2% of the maximum claim amount plus 0.5% annual MIP added to the balance
  • −Interest and MIP accrue and reduce home equity over time
  • −You must continue paying property taxes, homeowners insurance, HOA dues, and maintain the home — failure can trigger default
  • −Not appropriate if you plan to move or sell in the short term due to upfront costs
  • −Heirs must repay the loan (typically by refinancing or selling) to keep the home

See where you stand on these requirements

A Simply Approved Mortgages Loan Officer will review your credit, income, and reserves against real program guidelines — no obligation.

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Worked example

How this loan actually works — a full example

A 72-year-old homeowner with a paid-off $500,000 home takes a HECM with an expected rate of 6.50%. Their Principal Limit Factor is approximately 43.6%.

Inputs

Age of youngest borrower
72
Home value (appraised)
$500,000
HECM lending limit (2026)
$1,249,125 (home value is the ceiling here)
Expected interest rate
6.50%
Principal Limit Factor (illustrative)
43.6%
Existing mortgage balance
$0

Calculation

  1. 1
    Principal Limit
    $500,000 × 43.6% = $218,000
  2. 2
    Upfront MIP (financed, 2.00%)
    $10,000
  3. 3
    Origination fee + closing costs (est.)
    ≈ $12,000
  4. 4
    Net available to borrower
    ≈ $196,000 as line of credit / lump sum / tenure
  5. 5
    Monthly mortgage payment
    $0 — no principal or interest due while occupying home
  6. 6
    Ongoing borrower obligations
    Property taxes, insurance, HOA, maintenance
Outcome
Illustrative only. Actual PLF depends on age, expected rate, and program tables. Reverse mortgages accrue interest against your equity and reduce inheritance. Independent HUD-approved counseling required. Not a commitment to lend.

Illustrative only — not a quote, lock, offer, or commitment to lend. Binding figures appear on your Loan Estimate.

Reverse mortgage scenarios

✓

Home paid off, need cash flow

HECM line of credit provides access without required monthly payments during their lifetime in the home.

✓

High-value home, above HECM cap

Proprietary jumbo reverse enables a higher Principal Limit than HUD's HECM MCA allows.

✓

HECM for Purchase

Downsize to a right-sized home closer to family and finance the balance with a HECM — no monthly P&I.

✓

Bridge to Social Security

Use a HECM line of credit to delay claiming Social Security until age 70 for maximum lifetime benefit.

Live market pricing

Today's reverse mortgage (HECM) rates (2026)

reverse mortgage (HECM) pricing is quoted daily and depends on credit, loan amount, LTV/CLTV, occupancy, and lender program. Figures below are for education only — your binding rate and APR appear on your Loan Estimate.

  • ✓HECM fixed-rate and adjustable-rate options are governed by HUD (24 CFR 206)
  • ✓HECM adjustable rate = index (1-year or 10-year CMT) + margin set by the lender
  • ✓The "expected rate" is used to determine the principal limit factor (PLF) at closing
  • ✓HECM upfront MIP is 2% of the maximum claim amount; annual MIP is 0.5% of the loan balance
  • ✓Proprietary jumbo reverse mortgages set their own margins and are not FHA-insured
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What affects your rate

  • ✓

    Credit score

    Higher middle FICO scores unlock lower base rates and better pricing tiers.

  • ✓

    Loan-to-value (LTV)

    Larger down payments or more equity generally price better.

  • ✓

    Loan amount

    Conforming, high-balance, and jumbo tiers each price differently.

  • ✓

    Occupancy & property type

    Primary residence, second home, and investment each have pricing adjustments.

  • ✓

    Market timing

    Rates move daily with MBS and Treasury markets; locking protects you from increases.

Rates and APRs shown are illustrative and change daily. Not a quote, lock, offer, or commitment to lend. Binding figures appear on your official Loan Estimate. Simply Approved Mortgages LLC, NMLS# 2620881. Equal Housing Opportunity.

Reverse mortgage (HECM) calculator

Estimate your HUD HECM Principal Limit and how much cash you may access after paying off any existing mortgage and financed HECM fees. Illustrative only — HUD-required counseling and a full FHA case-number lookup produce the binding number.

HECM eligibility & principal limit
Age of youngest borrower72 years
Home value$600,000
Existing mortgage to pay off$85,000
Expected interest rate6.50%
Payout option
Max Claim Amount (MCA)
$600,000
Principal Limit Factor (~41.7%)
$250,200
Payoff & financed fees
$106,500
Est. tenure payment / mo
$151
Estimated cash available to you
After paying off existing mortgage and financed HECM fees
$143,700

Estimated HECM cost breakdown

Existing mortgage payoff$85,000
Initial FHA MIP (2% of MCA)$12,000
Origination fee (HUD schedule cap)$6,000
Third-party closing (appraisal, title, counseling, recording)$3,500
Total mandatory obligations$106,500

Estimates use the HUD-published HECM Principal Limit Factor (PLF) tables (approximated at your expected interest rate) and the current HECM Maximum Claim Amount shown above (source and last-verified date auto-updated weekly from HUD). Ongoing charges (annual MIP at 0.50% of loan balance, servicing fee, and accrued interest) are not shown. Simply Approved Mortgages is not affiliated with HUD or FHA.

Free • HUD-required counseling included

Use my estimate — speak with a HECM Loan Officer

HUD requires HECM counseling from an independent HUD-approved counselor before you can proceed. Your Simply Approved Mortgages Loan Officer walks you through both.

Age (youngest borrower)72
Home value$600,000
Existing mortgage$85,000
Expected rate6.50%
Est. cash available$143,700

Next steps

See Today's Rates

Emailing your Reverse mortgage calculator scenario opens our secure request form so a Simply Approved Mortgages Loan Officer can review those numbers. Estimates are illustrative and are not a quote, lock, offer, or commitment to lend.

Get Ready

Document Checklist for your Reverse Mortgage

Gathering these documents up front helps your Simply Approved Mortgages Loan Officer issue a stronger pre-approval and move your Reverse Mortgage to Clear-to-Close faster. Actual items required vary by scenario — your loan officer will confirm the final list.

Borrower Eligibility

  • ✓Government-issued photo ID for all borrowers (age 62+ for FHA HECM; some proprietary jumbo reverse products allow age 55+)
  • ✓Social Security card or ITIN
  • ✓HUD-approved reverse mortgage counseling certificate (required for HECM; often required for proprietary reverse)

Financial Assessment

  • ✓Income documentation (Social Security award letter, pension, employment, 1099-R)
  • ✓2 months of bank statements
  • ✓24-month property tax and homeowners insurance payment history
  • ✓Credit authorization

Subject Property

  • ✓Most recent statement on any existing mortgage (to be paid off at closing)
  • ✓Current homeowners insurance declarations page
  • ✓Recent property tax bill
  • ✓HOA statement (if applicable)

Reverse-Specific Items

  • ✓Non-borrowing spouse identification (for eligible non-borrowing spouse protections)
  • ✓Trust or POA documentation (if title is held in a living trust)
  • ✓FHA case number (HECM) or investor case file (proprietary reverse)

Educational checklist only. Not a commitment to lend and not a complete list of conditions. Documentation requirements are governed by agency guidelines (Fannie Mae Selling Guide, FHA Handbook 4000.1 incl. Update 18 (August 12, 2026), VA Lender's Handbook, USDA HB-1-3555) and individual investor overlays. Your Simply Approved Mortgages Loan Officer will provide your specific document list based on your scenario.

Credit Documentation & Monitoring

Credit Reports and Credit Monitoring for your Reverse Mortgage

Credit is one of the four underwriting buckets every lender reviews — and one of the few you can actively improve before you apply. Monitoring your credit throughout the process helps you catch errors, fraud, and score changes early, which protects your approval timeline and your rate.

Step 1 · Lender Pull

Ordering Credit for Your Pre-Approval File

Once you sign your loan application (Form 1003) and disclosures, your Simply Approved Mortgages Loan Officer orders a tri-merge residential mortgage credit report (RMCR) from Equifax, Experian, and TransUnion. This is a hard inquiry, but FICO's model treats mortgage inquiries within a 45-day window as a single event, so shopping lenders during that window will not stack on your score.

  • What we need from you: signed borrower authorization, government-issued photo ID, Social Security number (or ITIN), and current address.
  • What the report shows underwriters: middle FICO score, open tradelines, minimum payments, late history, collections, public records, and recent inquiries.
  • How long it's valid: 120 days for conventional loans and for FHA/VA/USDA (HUD guidelines, VA Lender's Handbook Ch. 4). Older reports must be re-pulled before closing.
  • Rapid rescore: if a legitimate error is on your report, we can request a rapid rescore in 3–7 business days after you supply documentation from the creditor.
Pay for Your Credit Report →

This link redirects to our third-party credit vendor's payment portal. You pay the report fee directly so we can pull your tri-merge credit report for your pre-approval file. A credit pull is required for underwriting; this is not a commitment to lend.

Step 2 · Self-Check

Review and Monitor Your Credit at MyITINCredit.com

Before we pull your file, review and monitor your credit at MyITINCredit.com. Their $1 promotional trial gives you tri-bureau visibility plus ongoing credit monitoring so you can catch changes, disputes, or new accounts as they appear — not after they've already delayed your loan.

  • Verify accuracy: confirm names, addresses, SSN/ITIN, and every open account belong to you.
  • Dispute errors: the Fair Credit Reporting Act gives you the right to dispute inaccurate items directly with the bureau — no charge.
  • Address collections and charge-offs: a settled or paid collection can be documented in advance so it does not stall underwriting.
  • Pay down utilization: credit-card balances reported below 30% of the limit typically produce the strongest scores.
  • Avoid new credit: do not open new cards, finance a car, or co-sign for anyone from now through closing.
  • Monitor continuously: credit monitoring alerts you to new inquiries, balance changes, and potential identity theft while your loan is in process.
Check & Monitor Your Credit at MyITINCredit.com →

MyITINCredit.com is a service operated by Simply Approved Corporation (a DBA of that entity), which is the parent company of Simply Approved Mortgages LLC. Simply Approved Mortgages may receive subscription revenue if you choose to enroll. Credit monitoring through MyITINCredit.com is optional and is not required to apply for or obtain a mortgage with us. Promotional pricing, trial terms, and monitoring features are set by MyITINCredit.com and subject to change.

Why credit monitoring matters during a mortgage — A single new collection, missed payment, or unauthorized inquiry can change your qualifying score or trigger additional underwriting conditions. Typical minimum scores* — Conventional 620, FHA 580 (3.5% down) or 500 (10% down), VA no HUD minimum (most lenders 580–620), USDA typically 640, Jumbo 680–740, Doctor Mortgage 680–700+, Non-QM/DSCR varies by program, ITIN 620–680 alternative credit. Investor and lender overlays apply; individual results vary. Not a commitment to lend.

Trusted government resources

These independent government resources can help you research mortgage programs, rates, and your rights before you apply.

Simply Approved Mortgages is not affiliated with HUD, the CFPB, the FTC, the VA, or any other government agency. Links are provided for your independent verification.

FAQs reviewed by Simply Approved Mortgages · November 2026

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Frequently Asked Questions About Reverse Mortgage 2026

Answers to the most common about reverse mortgage 2026 questions, written by licensed loan officers.

A reverse mortgage is a loan available to older homeowners that converts a portion of home equity into cash. Unlike a traditional (forward) mortgage, the borrower is not required to make monthly principal-and-interest payments. The loan balance grows over time and is repaid when the last borrower permanently leaves the home, sells, or passes away. The borrower remains responsible for property taxes, homeowners insurance, HOA dues, and maintenance.
Ask Sam AI

Ask SAM anything about mortgages

SAM is the Simply Approved Mortgages AI assistant. It answers general questions using the reviewed guides published on this site and links you to the primary government source. It is educational only — it does not quote a rate, payment, APR, approval or commitment to lend. A Simply Approved Mortgages Loan Officer reviews every scenario before any terms are confirmed.

Hi, I'm SAM — an AI assistant for Simply Approved Mortgages. I can explain loan programs, closing costs, DTI, down payments and which calculator or guide to use. I'm not a licensed loan officer, and nothing here is a quote, approval or commitment to lend.

SAM is an AI assistant — not a licensed loan officer, attorney, CPA or financial adviser. Answers are educational only, are not a quote, lock, offer or commitment to lend, and material loan terms must be reviewed by a Simply Approved Mortgages Loan Officer. Never share SSN/ITIN, date of birth, account numbers or passwords in chat. Residential mortgage loans are arranged in Florida and Colorado. Start My Approval.

Ask Sam AI provides general educational information only. It is an automated assistant, may be incomplete or out of date, and does not provide legal, tax or financial advice. Nothing it produces is a rate quote, APR, pre-approval, offer or commitment to lend. Never share a Social Security number, ITIN, date of birth, account number or password in chat. Simply Approved Mortgages LLC (NMLS #2620881) arranges residential mortgage loans in Florida and Colorado. Eligibility, terms, conditions and availability vary by borrower, property, lender, loan program and state, and all loans are subject to lender underwriting and approval. Equal Housing Opportunity.

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How this page connects

Where this fits in the reverse mortgages library

This page sits inside our Reverse mortgages coverage.

What most readers open next

Explore the full guide

Keep reading — the rest of the buying playbook

Each of these is a deep-dive on one piece of the purchase mortgage process. Bookmark whichever you need next.

Guide

FHA HECM Reverse Mortgage

Deep dive on the HUD-insured program.

Read the guide →

Guide

HELOC — Home Equity Line

Alternative equity access with monthly payments.

Read the guide →

Guide

Second Mortgage

Fixed-rate closed-end second-lien option.

Read the guide →

Guide

FHA Cash-Out Refinance

Equity access before age 62.

Read the guide →

Guide

FHA Mortgage Insurance

IMIP and monthly MIP explained.

Read the guide →

Guide

Closing Costs Explained

Reverse mortgage line items.

Read the guide →

By state and city

Reverse Mortgages (HECM) by State, City, and County

County loan limits, property taxes, insurance costs, and market conditions change what this program looks like locally. Pick your market for the version written for it. Simply Approved Mortgages LLC arranges residential mortgage loans in Florida and Colorado.

Florida

Reverse Mortgages (HECM) in Florida

Cities

Counties

Colorado

Reverse Mortgages (HECM) in Colorado

Cities

Counties

Internal library

Related mortgage guides across our library

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Purchase mortgages

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Pre-Approval Request

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Complete this short request and a Simply Approved Mortgages Loan Officer will personally review your scenario. The form only asks what your program actually needs. Submitting it is not an application for credit and is not a commitment to lend.

Reverse mortgage (HECM)

Tell us about your scenario

The form below is tailored to Reverse mortgage (HECM) — only the questions and documents your program needs.

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See your options — one short screen
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Simply Approved Mortgages LLC is licensed to arrange residential mortgage loans in Florida and Colorado only. We ask first so we never collect a mortgage inquiry we are not licensed to act on.

HECM sizing depends on the youngest borrower age, home value, and current expected rate.

What's your goal?
Property being refinanced

Enter the property address. We'll pull an automated home value (AVM) after you submit — no charge to you and no impact to your credit. You'll see your estimated AVM value on the confirmation screen once you submit.

Estimated home value$450,000
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Current mortgage balance$250,000
$

A range is enough here — no credit report is pulled and your credit is not affected.

Estimated monthly payment at these numbers
$0

Illustrative estimate only — not a quote, rate lock, offer of credit, or commitment to lend.

Submitting this form is not an application for credit and is not a commitment to lend. No credit report is pulled at this step.

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Age 62+ HECM scenarios reviewed with the required HUD counseling step explained up front.

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Equal Housing OpportunityEqual Housing OpportunityMortgage Broker — Not a LenderNMLS ID# 2620881NMLS Consumer AccessFlorida Mortgage Broker License #MBR7685Colorado Mortgage Company Registration

Licensing & Disclosures

Simply Approved Mortgages LLC | NMLS #2620881

Florida Branch Office (Miami, FL) | Branch NMLS #2688012

Florida Mortgage Broker License #MBR7685 | Colorado Mortgage Company Registration

Business Phone: (877) 813-7219

Equal Housing Opportunity

Broker identification. Simply Approved Mortgages LLC is a mortgage broker and is not a direct lender. We arrange residential mortgage loans with third-party wholesale lenders and do not make the lender's final credit decision or fund the loan. We arrange residential mortgage loans in Florida and Colorado. Business-purpose mortgage products may be arranged in additional states only where permitted by applicable law and pursuant to applicable licensing requirements or exemptions.

Credit and program terms. All loans are subject to lender credit approval, underwriting, acceptable appraisal or valuation when required, title review, insurance, and supporting documentation. Eligibility, programs, rates, APRs, points, lender credits, fees, payments, terms, loan amounts, down-payment requirements, mortgage insurance, and availability may vary based on borrower, property, occupancy, credit profile, loan-to-value ratio, debt-to-income ratio, lender, loan program, and state and may change without notice. Not all applicants, properties, products, or programs will qualify or be available in every state. Nothing on this site constitutes a loan approval, rate lock, offer, commitment to lend, guarantee of approval, or guarantee of terms or closing.

Rates, payments and calculators. Rates, APRs, payments, down payments, loan amounts, home values, estimated equity, savings, affordability estimates, closing costs, and other calculator or scenario results displayed on this site are estimates or illustrations unless expressly stated otherwise. Actual loan terms may differ. Taxes, homeowners insurance, mortgage insurance, association dues, lender charges, broker compensation, discount points, third-party charges, and other costs may apply. Advertised rates, payments, APRs, down payments, and other credit terms are subject to the assumptions and disclosures presented with the applicable advertisement. Applicable loan terms and disclosures will be provided as required for the particular transaction.

Mortgage products. FHA, VA, USDA, conventional, jumbo, non-QM, HELOC, reverse mortgage, down-payment-assistance, investment-property, DSCR, and other mortgage products referenced on this site are subject to their individual eligibility, underwriting, property, occupancy, and program requirements. Product availability varies by lender and jurisdiction. References to a mortgage product or program do not constitute a determination that a borrower or property qualifies.

Government-backed programs. Government-backed or government-insured mortgage programs referenced on this site may be subject to requirements established by the applicable government agency in addition to lender requirements. Government insurance or guaranties generally protect participating lenders against certain losses and do not constitute a guarantee of borrower approval.

Business-purpose products. DSCR, investment-property, and other business-purpose mortgage products referenced on this site are intended for qualifying business-purpose transactions. Business-purpose loans may be subject to different requirements and protections than consumer-purpose residential mortgage loans. Borrowers are responsible for accurately disclosing property occupancy and intended use.

Down payment assistance. Down payment or closing-cost assistance programs referenced on this site may be administered by governmental entities, housing finance agencies, nonprofit organizations, lenders, or other third parties. Program availability, funding, assistance amounts, eligibility requirements, repayment or forgiveness provisions, and other terms vary and may change or become unavailable without notice. Listing or referencing a program does not guarantee funding, eligibility, or mortgage approval.

Government affiliation. Simply Approved Mortgages LLC is not a government agency and is not affiliated with, acting on behalf of, sponsored by, or endorsed by HUD, FHA, VA, USDA, or any other federal, state, or local government agency. References to government agencies, programs, benefits, data, forms, or resources are provided for informational purposes and do not imply government sponsorship or endorsement of Simply Approved Mortgages LLC.

Fair lending. Equal Housing Opportunity. Simply Approved Mortgages LLC conducts business in accordance with applicable federal and state fair-housing and equal-credit-opportunity laws and does not discriminate on any prohibited basis.

No professional advice. Content on this site is educational and general in nature and is not legal, tax, accounting, financial, investment, estate-planning, or individualized government-benefits advice. Consumers should consult appropriate qualified professionals regarding their individual circumstances.

Third-party content. References or links to government agencies, lenders, assistance programs, products, services, or other third-party websites are provided for informational purposes or convenience. Simply Approved Mortgages LLC does not control and is not responsible for third-party content, availability, accuracy, or privacy practices.

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