Reverse mortgages let eligible homeowners tap home equity without monthly payments. Learn how these loans work, who qualifies, and what to consider before moving forward with this financial tool.
Holden Kellerhals, Lending Strategist
NEXA Lending
Phone: (727) 591-5591
Email: [email protected]
NMLS# 2646551
Company NMLS# 1660690
Licensed in: FL, IA
Calculations based on 30-year fixed mortgage. PMI applies when down payment is less than 20%. Bank Statement loans are considered Non-Qualified Mortgage (Non-QM) products. Qualification is based on the review of personal or business bank statements rather than tax returns. Interest rates and down payment requirements for these products may be higher than those of conventional government-backed mortgages (such as FHA, VA, or Fannie Mae/Freddie Mac loans). Not all applicants will qualify. Annual Percentage Rate (APR) is subject to increase after consummation. Advertised terms are based on a loan amounts with a 760 FICO, Loan-to-Value, and 30-year fixed/ARM rate. Monthly payments includes principal and interest only; actual payment will be higher with taxes and insurance and HOA. This is not an offer to enter into an agreement. This is not a commitment to make a loan. Not all customers will qualify. Information, rates and programs are subject to change without prior notice. All products are subject to credit and property approval. All approvals are subject to underwriting guidelines. Not all products are available in all states or for all dollar amounts. Other restrictions and limitations may apply. VA loans subject to individual VA Entitlement amounts and eligibility, qualifying factors such as income and credit standards, and property limits. NEXA Mortgage, LLC is not affiliated with any government agencies. These materials are not from VA, HUD or FHA, and were not approved by VA, HUD or FHA, or any other government agency. Copyright © 2025 NEXA Mortgage, LLC NMLS#1660690. AZMB#0944059. 5559 S Sossaman Rd, Bldg #1 Ste #101, Mesa, AZ 85212, 602-344-9333. NEXA Mortgage, LLC is an Equal Housing Lender. All rights reserved.
Reverse Mortgages Provide Options for Retirement Homeowners
June 17, 2026
Many homeowners reach retirement with substantial equity in their homes but limited cash flow. A reverse mortgage can turn that equity into usable funds while allowing residents to stay in place. This option has grown more visible as people live longer and plan for extended retirements. It offers a way to supplement income without selling the family home.
A reverse mortgage functions as a loan against home equity that requires no monthly repayments. Borrowers must be at least 62 years old and hold sufficient equity in their primary residence. Funds can be received as a lump sum, monthly payments, or a line of credit. The loan balance grows over time through interest and fees, yet the homeowner retains title and responsibility for property taxes and insurance.
Eligibility rules focus on age, home type, and financial readiness rather than credit scores alone. Lenders evaluate whether borrowers can continue covering ongoing home expenses. Counseling from an approved third party is mandatory before closing. This step helps applicants understand costs, repayment triggers, and long-term effects on their estate.
Homeowners gain flexibility to cover healthcare costs, travel, or daily living without downsizing. Heirs typically repay the loan by selling the home or refinancing after the borrower passes away or moves out permanently. Interest rates and fees vary, so comparing offers matters. Clear communication with family members helps avoid surprises later.
Reverse mortgages suit certain situations but demand careful review of personal goals and family plans. Professional guidance clarifies whether this path aligns with individual needs.