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Your Home. Your Equity. Your Future.

Seniors 62 and older are discovering how a reverse mortgage can help them live life on their terms — without ever making another monthly mortgage payment.

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As a HUD Approved Counseling Agency, our Reverse Mortgage counselors will discuss the facts of a Reverse Mortgage with you and upon completion of the session will present you with a Certificate of Counseling.

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Understanding Reverse Mortgages

A powerful, FHA-insured option that lets you convert home equity into cash while staying in the home you love — with no monthly mortgage payments required.

What Is a Reverse Mortgage?

A Home Equity Conversion Mortgage (HECM) allows homeowners age 62 and older to access the equity in their home as cash without monthly payments. You remain the owner of your home.

Key Benefits

● No monthly mortgage payments
● Tax-free cash (consult your tax advisor)
● Flexible payment options
● Stay in control of your home

Who Qualifies?

● Age 62 or older
● Own your home or have significant equity
● Primary residence
● Complete HUD-approved counseling
● Continue paying taxes and insurance
● Counseling Documents

Use Your Home to Stay at Home

The official federally insured Reverse Mortgage consumer booklet approved by the U.S. Department of Housing & Urban Development.

View Booklet

Frequently Asked Questions

Reverse Mortgage Questions

How long does the reverse mortgage process take?

The average time it takes to obtain a federally insured reverse mortgage is approximately 30-90 days. Not every situation is the same and that’s why it can be helpful to chat with a loan officer or lender to get a realistic timeline. If you’ve financed the counseling fee, we allow payment extensions at no additional charge while waiting for the funds at closing.

What is the interest rate on my loan going to be?

The interest rate on your loan will depend primarily on whether you choose a monthly adjustable, annual adjustable, or fixed interest rate loan. You will discuss rates with your loan officer, who will be able to tell you the different rates available before you make your decision.

Will I be able to sell my home?

Yes. You remain the owner of your home and can sell it whenever you like. You will be required to repay the reverse mortgage when you sell. Thanks to the non-recourse feature, the loan balance can never exceed the value of the home, so you or your heirs will never owe more than the home is worth.

Can I make payments on the reverse mortgage loan or pay it off early?

Yes. There are no prepayment penalties on a federally insured reverse mortgage. You can make payments or pay the loan in full at any time. Confirm the specific terms with your lender, as products can vary.

Do I have to borrow the maximum amount that I qualify for?

No. You are never required to take the full amount available. You can choose a lump sum, monthly payments for a set period, lifetime payments (tenure), or a line of credit. Keep in mind that the upfront costs of the loan are the same regardless of how much you take.

Why is a Federally Insured Reverse Mortgage so expensive?

Federally insured reverse mortgages include mortgage insurance (MIP). This insurance protects you if the lender defaults and also guarantees that you or your heirs will never owe more than the home is worth (non-recourse). You pay more for these important protections.

What is a servicing fee?

A servicing fee covers the lender’s costs for record keeping, sending statements, making distributions, and other administrative tasks. Not all lenders charge one, and there is a cap on the amount. Ask your lender whether a servicing fee applies to your loan.

Is the interest that I pay on my reverse mortgage tax-deductible?

Interest may be tax-deductible, but only after the loan is fully paid off. Unlike a traditional mortgage, payments on a reverse mortgage are applied to the overall balance and are not separated into principal and interest until the loan is repaid. Consult a tax advisor for your specific situation.

Counseling Related Questions

Can I own a second or vacation home?

Yes. The only requirement is that the home with the reverse mortgage must be your primary residence (you must live there at least 6 months and 1 day per year). You can own additional homes.

Can I rent out a room or a unit of my home?

Yes, as long as the home remains your primary residence and you are not gone for more than 12 consecutive months. You can rent out extra rooms, mother-in-law suites, garage apartments, or additional units in a multi-family property.

If you are a non-profit company, why do I have to pay?

Even as a non-profit, we have staff salaries and operating costs. Our counseling fees are among the lowest available: $145 for telephone counseling and $250 for in-person or extended/group sessions (can be paid upfront or financed). Counseling fees are non-refundable once the session is completed.

Why do I have to give you my budget information?

HUD requires HECM counselors to collect budget information from all clients for statistical purposes and to identify additional programs or resources that may help the family. This information is submitted to HUD.

Is ReverseMortgageHelper.org approved by HUD?

Yes. We are a HUD-approved counseling agency. All of our counselors are certified, complete continuing education (including ethics), and pass a rigorous exam every three years.

If I change lenders or loan officers, will I have to do counseling again?

No. Once you complete counseling, your HECM Certificate is valid for 180 days (about 6 months). You can use the same certificate with a different lender as long as it has not expired. If it expires, you will need to complete counseling again.

The 3 Most Common Reasons

Supplement Retirement Income

A reverse mortgage can provide tax-free funds to help cover everyday expenses, giving you greater financial peace of mind through retirement.

Manage
Healthcare Costs

Use your home equity to help pay for medical expenses, long-term care, prescriptions, and other health-related needs.

Home Improvements or Age in Place

Improve your home for safety, comfort, and accessibility — so you can continue to live independently in the home you love.

Ready to learn more?

Schedule your free counseling appointment.

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What do my Counseling Docs from my Loan Officer Look like?

Counseling Docs consist of: The Total Annual Loan Cost, An Amortization Schedule and a Reverse Mortgage Comparison Report.

Why Choose Reverse Mortgage Helper

HUD-Approved Non-Profit

We are a certified HUD-approved housing counseling agency and a 501(c)(3) non-profit organization dedicated to helping seniors.

Impartial & Honest Guidance

We don’t sell loans. Our only goal is to help you understand all your options so you can make the best decision for your future.

Local South Florida Support

Proudly serving West Palm Beach and surrounding communities with compassionate, face-to-face or virtual counseling.

Thousands of Seniors Helped

For over a decade, we’ve guided thousands of seniors and their families with clarity, respect, and care.

How It Works

1.

Contact Us

Fill out the form or call for a free consultation

2.

Review Your Documents

We explain your personalized counseling docs

3.

Complete Counseling

Required HUD-approved session (we make it easy)

4.

Move Forward

With confidence and financial flexibility

Ready to Take Control of Your Future?

Schedule your no-obligation counseling appointment today.

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Phone: 561-472-8000