Loan programs · Reverse
Your equity, working for you.
A reverse mortgage lets eligible homeowners turn home equity into cash flow, eliminate a monthly mortgage payment, and stay right where they are — standard HECMs from age 62, with proprietary options from 55. Here's how it works in Orange County.
What is a reverse mortgage?
A reverse mortgage lets eligible homeowners convert part of their home equity into cash — with no required monthly mortgage payment, as long as they keep up taxes, insurance, and upkeep. The standard FHA HECM is for homeowners 62+, while some proprietary programs start as early as 55. It's a retirement cash-flow tool, and owner Esther Buede handles these personally at Choice Home Mortgage.
Reverse mortgages, explained in 30 seconds.
Curious about reverse mortgages? Here's the whole idea — quick, clear, and friendly.
A retirement tool, not a last resort.
A reverse mortgage lets an eligible homeowner convert part of the equity they’ve already built into usable cash — without selling the home and without a required monthly mortgage payment. The most common version is the HECM (Home Equity Conversion Mortgage), insured by the FHA.
For older homeowners who are equity-rich but want more monthly breathing room (the standard HECM starts at 62; some proprietary programs from 55), it can be a genuine retirement tool: take the funds as a lump sum, as monthly amounts, or as a line of credit you draw on as needed — and keep living in your home the whole time.
A reverse mortgage is a serious decision — it affects your equity and your heirs — so it deserves a straight conversation, not a sales pitch. Because Choice Home Mortgage is a broker, not a bank, we have no quota to fill. Owner Esther Buede walks you through every obligation (taxes, insurance, upkeep) and tells you honestly whether it fits. Just want lower payments instead? A refinance might be the better move.
Reverse mortgages are a specialty of ours — explore everything we offer at ChoiceHECM.com, our dedicated reverse-mortgage site.
Reverse mortgage pros and cons.
Most reverse-mortgage pages only tell you the good half. Here’s the whole picture — because a broker who plans to be recommended to your friends has nothing to gain from surprising you later.
The pros: no required monthly mortgage payment for as long as you meet the loan terms · you keep the title and stay in your home · proceeds are flexible (lump sum, monthly funds, or a line of credit) · an FHA-insured HECM is non-recourse — you and your heirs never owe more than the home is worth · funds you receive are loan proceeds, which are generally not taxed as income (confirm with your tax professional).
The cons: your equity decreases over time as interest is added to the balance — that means less left for your heirs · upfront costs (FHA insurance, origination, closing) are real and reduce what you receive · you must keep property taxes, homeowners insurance, and upkeep current, or the loan can come due · moving out for more than 12 months (for example, into long-term care) can trigger repayment · it can affect needs-based benefits like Medicaid (Social Security and Medicare are not affected).
If the cons outweigh the pros for your situation, we’ll say so — and suggest what actually fits, whether that’s a refinance, downsizing, or simply staying put.
What makes a reverse mortgage work for you.
Built for 55 and up
Reverse options are available for homeowners as young as 55 — a retirement tool, not a starter loan. (Standard FHA HECMs start at 62; proprietary programs can start at 55.)
Tap your equity
Turn the equity you've already built into cash flow you can use — a lump sum, monthly funds, or a line of credit.
Stay in your home
You keep the title and continue living in your home. You stay put — that's the whole point of the program.
No required monthly payment
With a reverse mortgage you have no required monthly mortgage payment, as long as you meet the loan terms.
FHA-insured HECM
The most common reverse mortgage is the HECM — a Home Equity Conversion Mortgage insured by the FHA.
One expert, start to finish
Owner Esther Buede explains every obligation in plain English — personally, not a call-center queue.
The three things that decide your number.
Every HECM calculator online is an estimate of HUD’s formula, which sets your exact amount from three inputs: your age (for couples, the youngest borrower’s — older qualifies for more), your home’s value and equity, and current interest rates. Any existing mortgage balance is paid off first from the proceeds — what remains is yours to structure.
Rather than a generic widget, Esther runs a real, personalized estimate for free — from your actual age, home value, and today’s rates. No obligation, and no follow-up pressure if you decide it’s not for you.
Reverse mortgage questions, answered.
What is a reverse mortgage?
A reverse mortgage lets eligible homeowners convert part of their home equity into cash without selling the home or taking on a required monthly mortgage payment. The most common type is the HECM (Home Equity Conversion Mortgage), which is insured by the FHA. The loan is generally repaid when the home is sold or no longer your primary residence.
Who qualifies for a reverse mortgage?
It depends on the program. The standard FHA-insured HECM is for homeowners age 62 or older and includes steps like HUD-approved counseling. Some proprietary (non-FHA) reverse programs can start as early as 55. In all cases you must live in the home as your primary residence and have meaningful equity. We review your full picture and tell you which program, if any, fits.
Do I still own my home with a reverse mortgage?
Yes. You keep the title and you continue to live in your home. You remain responsible for ongoing obligations like property taxes, homeowners insurance, and upkeep — we go over all of those clearly before you decide anything.
Do I have to make a monthly mortgage payment?
No required monthly mortgage payment is the defining feature of a reverse mortgage, as long as you keep up with the loan terms — staying in the home and keeping taxes, insurance, and maintenance current. The balance is typically settled later, when the home is sold.
Is a reverse mortgage right for everyone?
No — and we'll tell you honestly if it isn't. A reverse mortgage is a serious decision that affects your equity and your heirs. Because we're a broker, we have no reason to push it. We'll lay out the trade-offs and only recommend it if it genuinely fits your retirement plan.
How does a reverse mortgage work, step by step?
In plain terms: (1) You apply and complete a HUD-approved counseling session — required for every HECM, so you fully understand the loan. (2) Your home is appraised, and the amount you can receive is set by HUD's formula based on your age, your home's value, and current rates. (3) Any existing mortgage is paid off first from the proceeds. (4) You choose how to receive the rest — lump sum, monthly amounts, a line of credit, or a mix. (5) You live in your home with no required monthly mortgage payment, keeping taxes, insurance, and upkeep current. The loan is repaid later, usually when the home is sold.
How much money can you get from a reverse mortgage?
It depends on three things: your age — for couples, the youngest borrower’s age — (older generally qualifies for more), your home's value and equity, and current interest rates. HUD's formula sets the exact amount for an FHA HECM — there is no one-size number, and any site that promises a specific figure without your details is guessing. Esther runs a real, personalized figure for free — from your actual age, home value, and today’s rates — with no obligation, before you make any decision.
What happens to my home and my heirs when I pass away?
Your heirs inherit the home with the loan balance on it — they are never personally on the hook beyond the home itself. They can keep the home by paying off the loan balance — or, if the balance is higher than the home’s value, by paying 95% of its current appraised value (FHA insurance covers the difference). They can also sell the home and keep any remaining equity, or walk away if the balance exceeds the value. An FHA-insured HECM is non-recourse: neither you nor your heirs ever owe more than the home is worth at repayment.
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See if a reverse mortgage fits.
One call with the owner — no queue, no pressure. We'll explain exactly how it works, what you're responsible for, and whether it's truly the right move for your retirement.