Does the bank own my home?

No. You keep the title, exactly as you do with any other mortgage. A reverse mortgage places a lien on the property as security for the loan. It is not a sale, and no one takes ownership because you took the loan.

Yes, in the same circumstances as any mortgage: if you stop meeting the loan's obligations. Property taxes, homeowners insurance and association dues must stay current, the property must be maintained, and it must remain your principal residence. Those are the conditions, and they are where most reverse mortgage trouble starts — not in the loan itself.

Will my heirs owe money if the balance grows past the home's value?

On an FHA-insured HECM, no. It is a non-recourse loan: when the loan becomes due and the home is sold to repay it, neither you nor your heirs owe more than the home is worth at that point. What does happen is that the growing balance reduces the equity left behind, which is a real consequence worth discussing with your family before you start.

Is this a government benefit?

No. A HECM is insured by the Federal Housing Administration, part of HUD, but the loan is made by a private lender and it is a loan. It is not a grant, not a benefit payment, and not money from the government. Anyone describing it that way is misdescribing it.

Do I have to talk to a counselor first?

For an FHA-insured reverse mortgage, yes — independent counseling from a HUD-approved counselor is required before your application can be completed. The counselor does not work for the lender. It is a consumer protection, and it is the right moment to ask every question you would otherwise ask the person selling you the loan.

Borrower pathway

Reverse mortgages for Florida homeowners

A reverse mortgage converts part of your home equity into money you can use, without a monthly principal and interest payment. You keep the title. What you do not shed are the obligations — taxes, insurance, maintenance and living there — and that is where the real decisions are.

Questions worth asking early

What would I actually be able to draw, and in what form?
What am I still responsible for after the loan closes?
What happens to my spouse if they are not on the loan?
What will be left for my heirs, and what are their options?

Start a conversation

Loan options

Programs that apply to homeowners 62+

Each page sets out what the program is, who it tends to suit, and which terms the lender decides rather than us.

What happens next

A first conversation, not an application

Nothing about getting in touch commits you to anything.

We talk about what you are trying to do and what is in the way. No documents needed for that.
If a program looks like a fit, we explain what the lender will want to see and what it is likely to cost.
When you decide to move forward, documents and identifiers go through a secure portal — never an email or a web form.
You will get a written estimate of costs before you commit to anything.

Where to check for yourself

Program rules are set by these organizations and are updated periodically. Where this page and an official source disagree, the official source is correct.

Reverse mortgages: what you should know (opens in a new tab) — Consumer Financial Protection Bureau
Home Equity Conversion Mortgages for seniors (opens in a new tab) — HUD
HECM counseling requirement and counselor search (opens in a new tab) — HUD
Reverse mortgages (opens in a new tab) — Federal Trade Commission

Questions we get from this group

Does the bank own my home?: No. You keep the title, exactly as you do with any other mortgage. A reverse mortgage places a lien on the property as security for the loan. It is not a sale, and no one takes ownership because you took the loan.
Can I lose the home?: Yes, in the same circumstances as any mortgage: if you stop meeting the loan's obligations. Property taxes, homeowners insurance and association dues must stay current, the property must be maintained, and it must remain your principal residence. Those are the conditions, and they are where most reverse mortgage trouble starts — not in the loan itself.
Will my heirs owe money if the balance grows past the home's value?: On an FHA-insured HECM, no. It is a non-recourse loan: when the loan becomes due and the home is sold to repay it, neither you nor your heirs owe more than the home is worth at that point. What does happen is that the growing balance reduces the equity left behind, which is a real consequence worth discussing with your family before you start.
Is this a government benefit?: No. A HECM is insured by the Federal Housing Administration, part of HUD, but the loan is made by a private lender and it is a loan. It is not a grant, not a benefit payment, and not money from the government. Anyone describing it that way is misdescribing it.
Do I have to talk to a counselor first?: For an FHA-insured reverse mortgage, yes — independent counseling from a HUD-approved counselor is required before your application can be completed. The counselor does not work for the lender. It is a consumer protection, and it is the right moment to ask every question you would otherwise ask the person selling you the loan.

Talk it through before you start shopping

Bring your situation, not your paperwork. A first conversation is about which programs actually fit and what the numbers look like — no documents, no credit pull, no commitment.

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