HUD-APPROVED HECM LENDER · EDUCATION-FIRST · NO PRESSURE
Reverse mortgage
Reverse Mortgage (HECM) — Stay in Your Home, Access Your Equity, and Make Zero Monthly Payments.
A HUD-approved Home Equity Conversion Mortgage lets eligible homeowners 62 and older access the equity they’ve built — without selling, without monthly payments, and without leaving the home they love. Get the facts first, decide later.
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You've spent decades building equity in your home. Here's one way to access it — without leaving.
A reverse mortgage isn't what you've heard. Here's what it actually is.
You’ve probably heard things about reverse mortgages over the years. Some of what you’ve heard is accurate. A lot of it isn’t. The reverse mortgage industry spent many years with bad actors who gave the product a bad reputation — and the media covered those stories extensively.
- The modern HECM (Home Equity Conversion Mortgage) is an FHA-insured government program regulated by HUD. It has consumer protections built into federal law.
Independent counseling is required before you can even apply. And it works completely differently from what most people believe.
- Here’s what a HECM actually does: it lets eligible homeowners 62 and older access the equity they’ve built in their home — as a line of credit, monthly payments, or a lump sum — without selling the home, without making monthly mortgage payments, and without giving up ownership.
Access Financial is a HUD-approved HECM lender. We take an education-first approach — meaning we give you complete, accurate information and then let you decide entirely on your own timeline. No follow-up calls every other day. No pressure. Not now, not ever.
Every loan type on this page closes through a dedicated loan officer assigned to you from pre-approval to keys.
Quick answers — the 3 questions seniors ask us most
No. You stay on the title. You remain the legal owner of your home for as long as you live there. A HECM does not transfer ownership to the lender. The lender holds a lien — the same as any mortgage — but does not own the property. The loan becomes due only when you permanently move out, sell the home, or pass away. As long as you live in the home and pay your property taxes and insurance, you cannot be forced out.
Your heirs have options. They can sell the home, pay off the HECM balance with the proceeds, and keep whatever equity remains. They can also keep the home by refinancing or paying off the HECM balance directly. If the loan balance exceeds the home’s value, FHA insurance covers the difference — your heirs owe nothing beyond the home itself. This is the HECM non-recourse clause and it is required by federal law.
The modern HECM is an FHA-insured government program regulated by HUD — the same federal agency that regulates FHA home purchase loans. Independent counseling from a HUD-approved counselor is required before you can apply. Consumer protections are built into federal law. The program had bad actors decades ago. Those problems led to the regulations and protections that exist today. Access Financial is a HUD-approved HECM lender — verifiable at nmlsconsumeraccess.org.
The HECM process — step by step, at your pace
Your timeline. Your decision. We walk alongside you, not in front of you.
A free consultation — no commitment, no pressure
We start with a conversation. By phone, in person, or with family on a video call. We go through how the HECM works, what your home might qualify for, and answer every question you have. This conversation has no cost and no obligation. You are not applying for anything. You're just getting information.
HUD-required independent counseling
Before you can apply for a HECM, federal law requires you to complete a session with an independent HUD-approved counselor — someone completely separate from Access Financial. This counselor explains the program, discusses alternatives, and makes sure you understand everything before you sign a single document. We help you schedule this and can attend the session with you if it helps.
Application and home appraisal
When you're ready — and only when you're ready — we submit your application. A licensed appraiser visits the home to determine its current value. The appraisal also confirms the home meets HUD's property standards. If any minor repairs are needed, they can sometimes be completed after closing using HECM proceeds.
Underwriting and HECM approval
Our underwriting team and FHA review your application, your appraisal, and your counseling certificate. This typically takes 2–4 weeks. Your loan officer gives you regular updates. You'll have direct access to them throughout the process — not a 1-800 number.
Closing and access to your funds
You sign the final loan documents. If you have an existing mortgage, it is paid off immediately from the HECM proceeds. You then receive your remaining funds through whichever option you chose — line of credit, monthly payments, lump sum, or combination. The line of credit is available to draw from immediately. Monthly payments begin the following month.
Reverse mortgage questions — answered honestly
A: A reverse mortgage is a loan for homeowners 62 and older that lets them access the equity built up in their home — without selling, without monthly payments, and without leaving the home. The most common type is the HECM (Home Equity Conversion Mortgage), which is insured by the FHA and regulated by HUD. The loan becomes due when the borrower permanently moves out, sells the home, or passes away. Interest accrues over time but no monthly payment is required while the borrower lives in the home.
A: A HECM can be an excellent financial tool in the right circumstances. It works best for seniors who own significant home equity, plan to stay in their home long-term, need to supplement fixed income, and want to eliminate an existing mortgage payment. It works less well for those planning to move within a few years, those with very low equity, or those whose primary goal is preserving the home for heirs without exploring all options. Access Financial presents the full picture — including when a HECM is not the right choice.
A: No — not from the loan itself. You stay on title and remain the owner as long as you live in the home as your primary residence. The loan becomes due only when you permanently move out, sell, or pass away. The one way a HECM can result in default is failing to pay property taxes, homeowner's insurance, or HOA fees — which is a requirement of the loan. Access Financial explains this clearly upfront so there are no surprises.
A: The amount depends on three factors: the youngest borrower's age, the home's current appraised value, and current interest rates. Generally, older borrowers with more valuable homes access more equity. A 70-year-old with a $400,000 home and no existing mortgage might access approximately $160,000–$200,000. A 75-year-old with the same home might access more. The free HECM proceeds estimator at accessfmc.com gives a personalized estimate in about 60 seconds with no personal information required.
A: Your heirs have 6–12 months to decide what to do with the home. They can sell it and keep whatever equity remains after repaying the loan balance. They can pay off the loan balance themselves and keep the home. Or they can sign a deed-in-lieu of foreclosure and walk away — owing nothing more than the home itself. The HECM non-recourse clause — required by federal law — means heirs are never responsible for more than the home is worth, even if the loan balance has grown larger
A: The main requirements are: age 62 or older (youngest borrower), the home must be your primary residence, you must own the home or have substantial equity, the property must meet HUD standards, and you must complete a HUD-required counseling session before applying. A financial assessment is also conducted — not to set an income minimum, but to confirm you can continue paying property taxes and insurance. Many borrowers on Social Security alone qualify
A: Federal law requires that before you apply for a HECM, you complete a session with an independent HUD-approved counselor — someone completely separate from your lender. The session typically takes 60–90 minutes and covers how the program works, your rights and obligations, and alternatives to consider. It can be done by phone. The fee is usually $125–$175. If you cannot afford it, it can be waived. Access Financial helps you find an approved counselor and can attend the session with you if you'd like.
A: Yes. An existing mortgage does not disqualify you from a HECM. The reverse mortgage pays off your existing mortgage at closing, eliminating the monthly payment. The net proceeds available to you are reduced by the existing mortgage payoff amount. If your existing mortgage balance is close to the maximum HECM proceeds, you may receive little or no additional cash — but eliminating the monthly payment is itself a significant financial benefit.
A: A HECM for Purchase (H4P) lets eligible seniors 62+ use a reverse mortgage to buy a new home — with no monthly mortgage payment. The buyer puts a down payment (typically 40–60% depending on age and rates) and the HECM covers the rest. No monthly payment is required. It's used by seniors who want to downsize or relocate to a retirement community without taking on a new monthly mortgage obligation. Access Financial originates H4P loans across all licensed states.
A: Reverse mortgage proceeds are generally not considered taxable income by the IRS because they are a loan — not earnings. This means they typically do not affect your Social Security benefits or Medicare eligibility. However, reverse mortgage proceeds could potentially affect Medicaid eligibility if cash is received but not spent within the same month. Access Financial strongly recommends consulting a tax advisor or elder law attorney before making any decision, as individual tax situations vary.