A reverse mortgage lets homeowners 62 and older convert part of their home equity into funds — a lump sum, monthly amounts, or a line of credit — with no required monthly mortgage payment while you live in the home and keep up taxes, insurance, and maintenance.
Home · Programs · Program Guide · Homeowners 62+
It treats your home equity as one coordinated piece of the retirement plan — easing monthly cash flow, delaying other withdrawals, or funding care and home projects — instead of an asset you can only touch by selling. Ben’s years as a financial planner shape how we run this analysis.
Most reverse-mortgage conversations start too narrow: "what's the rate?" The better questions are planner questions. What does your monthly budget look like with no required mortgage payment? What does the line of credit do for your flexibility in a down market? How does this interact with the plan your advisor built? We work through those together — and with your advisor or family in the room whenever you want them there.
The most common program is the FHA-insured HECM (Home Equity Conversion Mortgage). Independent HUD-approved counseling is required before application, and we walk you through that step first.
Yes — the home stays yours, in your name. A reverse mortgage is a loan secured by your home, like any mortgage. You remain responsible for property taxes, homeowner’s insurance, and keeping the home maintained, and you can sell or refinance at any time.
Because you keep the title, the decisions stay yours: how you take the funds (lump sum, monthly amounts, line of credit, or a combination), whether you make voluntary payments, and how the home figures into your estate plans. We explain every obligation in plain language before anything is signed — with adult children welcome in the conversation, because surprises help no one.
Three, mainly: live in the home as your primary residence, keep taxes and insurance current, and maintain the property. Meet those, and no monthly mortgage payment is required. The required HUD-approved counseling session covers the full list before you apply.
The counseling requirement is a feature, not a hurdle: an independent counselor — not us — reviews the program, the costs, and the alternatives with you. If a reverse mortgage is not the right tool for your situation, that conversation is designed to surface it, and we would rather you hear it there than wonder later.
We encourage it. Adult children and advisors are welcome at the table from the first call. A plan the whole family understands — including what happens with the home later — is the outcome we are after, not just a signed loan.
What happens later, in plain terms: when the home is no longer your primary residence, the loan becomes due, and the home is typically sold or refinanced by you or your heirs to repay it. A HECM is a non-recourse loan, which means the repayment obligation is limited to the home itself. We will map the scenarios for your family explicitly, with your numbers, before you decide.
A retired homeowner with plenty of equity and a fixed income wanted breathing room in the monthly budget without selling the home they'd lived in for decades. A reverse mortgage turned equity into flexibility.
Outcome: aging in place, with a plan the whole family understood before signing anything.
Stories reflect the types of files Ben's team handles regularly; details are composites with identifying information removed. Every file is different — approval depends on your full picture.
A reverse mortgage (most commonly an FHA-insured HECM) lets homeowners age 62+ convert part of their home equity into funds without a required monthly mortgage payment, as long as they live in the home and keep up with taxes, insurance and maintenance. Independent HUD-approved counseling is required.
No monthly mortgage payment is required while you live in the home and meet the loan’s conditions — keeping property taxes, homeowner’s insurance, and maintenance current. You may make voluntary payments at any time.
Yes. The home remains titled in your name; a reverse mortgage is a loan against it. You can sell or refinance whenever you choose.
Before applying for a HECM, you complete a session with an independent HUD-approved counselor who reviews the program, its costs, and alternatives. We walk you through scheduling it — it is a consumer protection, and a genuinely useful one.
It can. Funds are often used to ease monthly cash flow or pay for home projects that make staying practical — handrails-to-roof scale work. Pairing it with a renovation plan is a conversation we have often; see the renovation guide.
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New to Ben? Meet Ben Coulter — originating Minnesota home loans since 2001.
No pressure and no obligation — let’s map your options together and give you a straight answer on the best path.
Ben Coulter · Supreme Lending Midwest5151 Edina Industrial Blvd, Suite 500, Edina, MN 55439 · (612) 384-7818 · NMLS #383046
