A Smarter Way to Fund Your Retirement: The Guide to Reverse Mortgages

A happy senior couple relaxing on the porch of their beautiful, well-maintained suburban home, representing financial freedom in retirement.

For many seniors, their home is their greatest financial asset, yet that wealth is often locked away in equity. If you are 62 or older and looking for a way to supplement your retirement income without adding a new monthly bill, a Reverse Mortgage might be the key to “aging in place” comfortably.

At Doos Mortgage, we help homeowners convert a portion of their home equity into tax-free cash—eliminating mandatory monthly mortgage payments while you continue to live in the home you love.

What is a Reverse Mortgage (HECM)?

A Home Equity Conversion Mortgage (HECM), commonly known as a reverse mortgage, is a specialized federally-insured loan. Unlike a traditional mortgage where you pay the lender every month, in a reverse mortgage, the lender pays you.

The loan balance grows over time, but it only becomes due when the last borrower leaves the home, sells it, or passes away.

Top Benefits for Seniors

  • No Monthly Mortgage Payments: You are no longer required to make principal and interest payments (though you must still pay property taxes and insurance).
  • Tax-Free Cash: The proceeds from the loan are generally considered non-taxable loan advances.
  • Stay in Your Home: Designed specifically to help seniors “age in place” and maintain their independence.
  • Non-Recourse Protection: You (or your heirs) will never owe more than the home is worth at the time of sale.

Do You Qualify? (Eligibility Requirements)

To ensure this is a safe and sustainable option, there are specific requirements:

The Borrower

  • Age: Must be at least 62 years old (based on the youngest borrower).
  • Primary Residence: You must live in the home as your main living space.
  • Counseling: You must complete a session with a HUD-approved independent counselor to ensure you understand the loan fully.

The Property

  • Eligible Types: Single-family homes, 2-4 unit owner-occupied properties, and FHA-approved condos.
  • Standards: The home must meet FHA minimum property standards.

Financial Assessment

  • Income & Credit: There is no minimum FICO score required! However, we must verify that you have the capacity to pay ongoing property charges like taxes and homeowners insurance.

The 3-Step Process to Getting Your Funds

  1. Initial Consultation: We verify your eligibility and provide a “Principal Limit” proposal showing how much cash is available to you.
  2. Documentation & Counseling: We guide you through the mandatory HUD counseling and help gather your ID, income verification (Social Security/Pension), and property details.
  3. Lender Comparison: We check multiple lenders to find the most competitive rates and terms, then handle the submission for you.

Ready to Unlock Your Home’s Potential?

Your retirement should be about peace of mind, not financial stress. Let us help you determine if a reverse mortgage is the right fit for your future.

Apply Now and Get Your Free Reverse Mortgage Proposal Today!