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Back in the 1970’s, when I started in mortgage banking, people worked hard to pay off their mortgages before they retired, so homeowners retiring with an outstanding mortgage balance were more the exception than the rule. Today, 41% of homeowners age 65 to 79 still have a mortgage with an outstanding balance owed — up from 24% in 1989 — with a median balance of $110,000, according to Harvard's Joint Center for Housing Studies. Even when you get to borrowers older than 80, more than 30% of homeowners still make... Read Full Article
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After 45 years in mortgage banking, and more than 20 devoted to reverse mortgages, I have heard every complaint about this program — usually secondhand, from a neighbor, an adult child, or an article written by someone who never closed a loan. Reverse mortgages carry real trade-offs, and I will never pretend otherwise. But the four complaints I hear most often are rooted in how the program used to work, or in how people assume it works, not in how it works today. The numbers show how much reputation matters.... Read Full Article
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Homeowners 62 and older hold $14.92 trillion in housing wealth as of the first quarter of 2026 — and a reverse mortgage is the only financing tool that turns that equity into cash without requiring a monthly mortgage payment. You remain responsible for your property taxes, insurance, and upkeep, but the payment obligation that defines every other loan is gone. That single difference decides who gets the most out of the program. After 45 years in mortgage banking, I will tell you plainly: a reverse mortgage is not for... Read Full Article
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Let's get straight to the point: yes, you can get a mortgage on Social Security. The Equal Credit Opportunity Act prohibits lenders from turning you down because of your age or because your income comes from a public assistance program. Social Security is qualifying income for every loan program — and with the 2.8% cost-of-living adjustment for 2026, the average retired worker now collects $2,071 per month of it. If you have been counting yourself out because you live on a fixed income, stop. The qualifications for borrowers on... Read Full Article
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The math on a fixed income got harder this year, not easier. The 2026 cost-of-living adjustment raised the average Social Security retirement check by about $56 a month — and the standard Medicare Part B premium took $17.90 of it right back, climbing to $202.90 a month. What is left meets grocery, utility, and insurance bills that did not get the memo about your raise. Debt now follows people into retirement in a way it did not when I started in this business. Harvard's Joint Center for Housing Studies... Read Full Article
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Homeowners 62 and older are sitting on more housing wealth than at any time in history — $14.92 trillion as of the first quarter of 2026, according to the NRMLA/RiskSpan Reverse Mortgage Market Index. So it is no surprise that more people ask me whether a reverse mortgage is the right way to reach that equity. After 45 years in mortgage banking, my answer is always the same: it depends on your situation, and I can show you exactly what that is. Below, we take a closer look at... Read Full Article
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Homeowners have returned to the HELOC in a big way. Balances on home equity lines of credit reached $446 billion in the first quarter of 2026, according to the Federal Reserve Bank of New York, and they have climbed every quarter for four years now as owners look for ways to reach their equity without giving up the low rate on their first mortgage. I understand the appeal. A HELOC lets you borrow against your home without refinancing your existing mortgage, you draw only what you need, and in... Read Full Article
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HUD requires every homeowner considering a HECM to complete independent counseling before the loan process can begin. A HUD-approved counselor will explain how the program works, your responsibilities, and any alternatives so you can decide whether a reverse mortgage is the right fit. We provide a list of approved counseling agencies to help you get started. HUD identifies five national agencies that serve borrowers everywhere, and some areas also have local in-person options. Most homeowners choose phone counseling. It is offered through toll-free numbers, meets all HUD requirements, and is... Read Full Article
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Reverse mortgages have long been surrounded by misconceptions, leading many to believe they come with significant downsides. In reality, many of these concerns are based on myths or incomplete information. In this guide, we separate fact from fiction in the top 10 most common claims about the downsides of reverse mortgages, drawing on more than 20 years of experience helping homeowners at All Reverse Mortgage, Inc. make informed decisions. Whether you're exploring reverse mortgage options for yourself or assisting a loved one, understanding the facts behind these so-called 'downsides' will... Read Full Article
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Many senior borrowers eligible for reverse mortgages or about to become qualified and live in condominium projects have yet to learn of the surprises that may be waiting for them. You may know neighbors who live in your project, currently have reverse mortgage financing, and have heard about how easy it was. Unfortunately, changes in condominiums and HUD programs in the past few years have changed much of this. If you live in a condominium, before you start making plans that include a reverse mortgage, you should know about... Read Full Article