Reverse mortgages for homeowners 62 and older

Reverse mortgages (HECM) for seniors who want options, not pressure

Retirement should not mean choosing between staying in the home you love and covering the bills that keep coming. A reverse mortgage, most often a Home Equity Conversion Mortgage (HECM) insured by the FHA, lets eligible homeowners age 62 and older convert part of their home equity into cash, a line of credit, or scheduled advances, without a required monthly mortgage payment. Summit Lending LLC (NMLS 2394434) is a mortgage broker that helps seniors and their families understand whether a HECM fits their plan across Utah, Texas, Idaho, Wyoming, Arkansas, and Arizona.

Call 385-200-1470 or email [email protected] to talk with a loan officer. We explain costs, counseling, and tradeoffs in plain language before you commit to anything.

What a reverse mortgage actually does

With a traditional purchase or refinance loan, you borrow money and make monthly principal and interest payments. With a HECM reverse mortgage, the lender advances funds based on your age, home value, interest rates, and HUD limits. You typically do not make monthly mortgage payments. Interest and fees accrue over time and are repaid later, usually when you sell, move out permanently, or pass away. You keep the title to your home as long as you meet the loan obligations: live there as your primary residence, maintain the property, and stay current on property taxes, homeowners insurance, and any HOA dues.

HECM loans are FHA-insured. That insurance supports consumer protections that matter to families, including a non-recourse feature: you (or your heirs) will not owe more than the home is worth at repayment, even if the loan balance grows past the market value. Exact proceeds and terms depend on underwriting, appraisal, and program rules in effect when you apply.

Ways you can receive HECM funds

How you take money is as important as whether you take it at all. Common structures include:

• Line of credit: Draw when you need funds. Unused credit can grow over time under program rules, which many borrowers like for future medical or repair costs.
• Tenure or term monthly advances: Steady payments for as long as you live in the home (tenure) or for a set number of months (term).
• Lump sum: A larger upfront draw, often used to pay off an existing mortgage so the monthly payment disappears. Upfront draws can be limited in the first year under HECM rules.
• Combination: Mix a smaller lump sum or payoff with a remaining line of credit or monthly advances.

We help you model the options against your goals: clearing a payment, funding in-home care, delaying Social Security, paying for accessibility upgrades, or keeping a reserve for surprises. A reverse mortgage is a tool, not a trophy. If a cash-out refinance or simply paying down debt another way is cleaner for your situation, we will say so.

Who typically qualifies

HECM eligibility is set by HUD and FHA guidelines. In broad terms you should expect:

• Age: The youngest borrower (or eligible non-borrowing spouse rules, when they apply) generally must be 62 or older.
• Equity position: You need enough equity. An existing mortgage usually must be paid off at closing with loan proceeds or other funds.
• Primary residence: The home must be your main home, not a vacation or pure investment property.
• Property type: Single-family homes, FHA-approved condos, and certain 2 to 4 unit properties where you occupy one unit are common. Manufactured homes and other types need to meet FHA standards.
• Financial assessment: Lenders review your ability to keep paying taxes, insurance, and maintenance. Life expectancy set-asides or similar structures may apply when cash flow is tight.
• HUD counseling: You must complete counseling with a HUD-approved reverse mortgage counselor before the loan can proceed. That session is independent of Summit Lending and exists to protect you.

Bring questions about surviving spouses, trusts, and heirs early. Those details change the conversation more than marketing slogans do.

Costs, interest, and what you should compare

Reverse mortgages have real costs: origination fees (often capped by FHA rules), upfront and annual mortgage insurance premiums, closing costs, and ongoing interest. A low headline rate means little if the fee stack or draw pattern does not match how you will use the money. As a broker, Summit Lending shops investor and program options rather than locking you into one bank menu. We walk through total cost of borrowing, how fast the balance may grow, and what remaining equity could look like for you or your heirs under a few scenarios.

This page is informational. It is not a commitment to lend, not a rate quote, and not advice to take equity out of your home. All loans are subject to credit approval, appraisal, investor guidelines, and program availability in your state.

Markets we serve for reverse mortgages

Summit Lending works with seniors and families in six licensed states. Utah and Texas are primary markets; Idaho, Wyoming, Arkansas, and Arizona round out coverage:

• Utah: Home base around Garland and the Wasatch Front. Many long-time owners hold substantial equity after years of appreciation. We help households in Salt Lake, Utah, Weber, Box Elder, and surrounding counties weigh HECM against simply refinancing a small remaining balance.
• Texas: Large senior population and diverse metros (DFW, Houston, San Antonio, Austin-adjacent, and many smaller markets). Homestead and property tax realities matter in counseling and financial assessment conversations.
• Idaho and Wyoming: Smaller metros and rural communities where staying in place often beats relocating for care. Equity can be high relative to local incomes after long ownership.
• Arkansas and Arizona: Growing retirement and snowbird-adjacent markets where accessing equity for healthcare, family support, or aging-in-place upgrades is a practical question, not a theoretical one.

Looking at other Summit products for a spouse, adult child buyer, or investment property? Start with mortgage loans, purchase, or refinance.

How the Summit Lending reverse process works

1. Connect: Share your age band, approximate home value and mortgage balance, state, and what you want the funds to do. Call 385-200-1470 or use contact.
2. Weigh options: We compare HECM structures (line of credit, monthly advances, payoff-focused draws) and, when relevant, alternatives like a traditional refinance.
3. HUD counseling: Complete required counseling with a HUD-approved counselor. Keep the certificate; the file needs it.
4. Application and disclosures: We help gather ID, income or benefit statements, insurance and tax info, and property details.
5. Appraisal and underwriting: An FHA-compliant appraisal supports the value used for principal limits. Underwriting completes the financial assessment.
6. Closing and funding: After clear-to-close, you sign, any existing mortgage is paid off as planned, and funds disburse in the form you chose (subject to first-year draw rules when they apply).

Our team includes loan officers with decades of combined experience. Meet them on the loan officers page, including owners Brodie Calder (NMLS 300501) and Michael Evenhuis (NMLS 398506).

What to prepare before you call

• Ages of all owners on title (and spouse details even if a spouse is not on title)
• Rough home value and remaining mortgage balance, plus monthly payment if any
• Property type and whether it is a condo, manufactured home, or 2 to 4 units
• Annual property tax and homeowners insurance amounts
• What you want the money for (payoff, buffer, repairs, care, gifts to family, etc.)
• Any plans to move, sell, or bring heirs into ownership in the next few years

You do not need perfect paperwork on day one. You do need an honest picture of taxes, insurance, and whether someone will keep the home after you. Surprises there cause more stress than interest rate decimals.

Common myths, answered plainly

• "The bank will own my house." No. You keep ownership. The lender has a lien, similar in concept to a traditional mortgage lien.
• "My kids will inherit a nightmare debt." HECM loans are non-recourse. Heirs can sell the home, refinance or pay the balance (often up to the home's value under program rules), or walk away from the property according to the process. They are not chased for a deficiency the way some other debts work.
• "I can be kicked out on a whim." You can stay as long as the home remains your primary residence and you meet the loan conditions (taxes, insurance, maintenance, occupancy). Fail those conditions and default risk is real, which is why the financial assessment exists.
• "Reverse mortgages are only for people who are broke." Many borrowers use them strategically: to eliminate a payment, create a standby line of credit, or fund aging in place while markets or family plans settle.

When a reverse mortgage is a poor fit

We would rather lose a file than push a product that hurts a family. A HECM is often a weak fit if you plan to sell or move within a short window, if you cannot sustainably pay taxes and insurance even with a set-aside discussion, if the existing balance is already tiny and cheaper options clear the payment, or if the only goal is a large gift that leaves no cushion for your own care. Adult children who want cash from a parent's home should not drive the decision alone. The homeowner's security comes first.

Talk with a Summit Lending specialist

Ready to see whether a HECM reverse mortgage fits your retirement plan in Utah, Texas, Idaho, Wyoming, Arkansas, or Arizona? Call 385-200-1470, email [email protected], or reach us through contact. Office correspondence address: 4542 W 14800 N, Garland, UT 84312. NMLS 2394434. Equal housing opportunity. Content on this page is for general information only and is not a commitment to lend. Loans are subject to credit approval, FHA/HUD guidelines, and investor requirements.