Reverse mortgage
Stay in the home you love and use its equity in retirement
An FHA-insured Home Equity Conversion Mortgage for homeowners 62 and older, with no required monthly mortgage payment.
Reverse mortgage: how it works
A Home Equity Conversion Mortgage (HECM) lets homeowners 62 and older convert part of their equity into tax-free funds, taken as a lump sum, monthly payments, a line of credit or a combination. There is no required monthly mortgage payment; the loan is repaid when the last borrower sells, moves out permanently or passes away.
You keep title to your home and remain responsible for property taxes, homeowners insurance and upkeep. Before applying, federal rules require a counseling session with an independent HUD-approved counselor, which protects you and ensures the loan fits your plans.
We encourage adult children to join the conversation. Our reverse mortgage specialist meets families at our Quincy and Newton offices or at home.
What's included with Harborview
- Lump sum, monthly payment or line of credit options
- HECM for Purchase to buy a new home
- Line of credit that can grow over time
- Pay off an existing mortgage
- Family meetings at home or in office
- Non-recourse: never owe more than the home is worth
The process, step by step
Your loan officer stays with you the whole way, and you get status updates by text at every milestone.
Family conversation
We explain options without pressure, with family members welcome.
HUD counseling
An independent counselor reviews alternatives with you.
Application and appraisal
A financial assessment and FHA appraisal confirm eligibility.
Closing
Funds are available after the 3-day right of rescission.
Benefits worth knowing
No monthly mortgage payment
Free up retirement income for health care, travel or daily costs.
Stay in your home
You keep title and can live in the home for life if obligations are met.
Protection for heirs
Non-recourse insurance means heirs never owe more than the home's value.
Qualifying guidelines
General guidelines only. Exceptions and overlays apply, and your loan officer will review your situation.
| Factor | Guideline |
|---|---|
| Age | Youngest borrower at least 62 |
| Equity | Generally 50% or more |
| Occupancy | Primary residence for most of the year |
| Financial assessment | Ability to pay taxes, insurance and upkeep |
| Counseling | Certificate from HUD-approved counselor |
Related programs
Use your equityHome equity line of credit
A revolving line of credit secured by your home, ideal for phased renovations and tuition paid over time.
Learn more
Use your equityCash-out refinance
Refinance for more than you owe and take the difference for renovations, tuition or paying off high-interest debt.
Learn more
RefinanceRate-and-term refinance
Replace your current mortgage with one that fits where you are now, with a break-even analysis before you commit.
Learn more
Reverse mortgage questions
More answers in our full FAQ.
No. You keep the title. The loan is repaid when you sell, move out permanently or pass away.
Heirs can sell the home and keep any remaining equity, pay off the loan to keep it, or deed it to the lender. They never owe more than the home is worth.
An eligible non-borrowing spouse may be able to remain in the home. We explain these protections carefully during your first meeting.
Ready to see your Reverse mortgage numbers?
A pre-approval takes about 10 minutes online and does not affect your credit score. A local loan officer follows up the same day.
- Soft credit check
- 24-day average close
- 4.9 from 1,284 reviews
