Turn your home's equity into income, without a monthly payment.
A reverse mortgage lets qualifying homeowners age 62 and older convert home equity into cash - with no monthly mortgage payments required. Coltrain Mortgage has helped Long Island seniors navigate this decision for over 20 years.
- Age 62+
- No Monthly Mortgage Payment
- Stay in Your Home
- Generally Tax-Free Proceeds
Talk to a Loan Officer
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What is a reverse mortgage?
No monthly payments
You receive money from the loan instead of paying it - there's no required monthly mortgage payment as long as you live in the home.
You keep the title
You remain the owner of your home. The loan is repaid when you sell, move out permanently, or pass away.
Generally tax-free
Reverse mortgage proceeds are loan advances, not income, so they're generally not taxable and don't affect Social Security or Medicare.
Age 62+ requirement
Available to homeowners 62 and older with significant equity in a primary residence - typically 50% or more.
Wondering if a reverse mortgage fits your situation?
Reverse mortgages are often misunderstood
Reverse mortgages are only for seniors who are struggling financially.
Reverse mortgages can be a good option for any qualifying homeowner 62+ with home equity who wants additional cash flow - not just those in financial hardship.
Reverse mortgages are a form of government assistance.
They're private loans offered by banks and mortgage lenders. Most are federally insured (HECMs), but they aren't government assistance or a handout.
Taking a reverse mortgage means you could lose your home or become homeless.
You keep the title and can live in your home as long as you meet the loan terms - maintaining it, paying property taxes, and keeping insurance current.
Reverse mortgage proceeds never affect any of your benefits.
Proceeds don't affect Social Security or Medicare, but need-based programs like Medicaid or SSI can be affected if funds are held in an account - ask your loan officer how this applies to you.
Three types of reverse mortgages
HECM
Home Equity Conversion Mortgages are backed by HUD and are the most common type of reverse mortgage - what most people mean when they say "reverse mortgage."
Single-Purpose
Offered by some state and local agencies, generally lower-cost but restricted to one specific use, like home repairs or property taxes, and often income-restricted.
Proprietary
Private loans backed by the companies that develop them, sometimes used for higher-value homes above federal HECM limits.
From application to funding
Talk it through
We walk through your goals, your home's equity, and whether a reverse mortgage actually fits.
Required HUD counseling
Federal law requires independent HUD-approved counseling before you proceed with a HECM.
Underwriting & appraisal
We confirm your eligibility, complete a financial assessment, and get your home appraised.
Close and access funds
Choose a lump sum, monthly payments, a line of credit, or a combination - based on what fits your needs.
We'll tell you if it's not the right fit, too.
A reverse mortgage is a significant financial decision, and it's not right for everyone. Independent HUD-approved counseling is required by law before you can move forward with a HECM, and we encourage families to be part of the conversation. Our job is to make sure you fully understand how it works - the costs, the repayment terms, and the alternatives - before you decide.
Reverse mortgage questions, answered
Do I still own my home with a reverse mortgage?+
Yes. You keep the title and remain the owner. The loan is simply secured by your home, similar to a traditional mortgage, and is repaid when you sell, permanently move out, or pass away.
What happens to the loan when I pass away?+
Your heirs typically have up to 12 months (with possible HUD-approved extensions) to repay the loan, usually by selling the home or refinancing it into their own name. Any remaining equity after the loan is repaid belongs to your heirs.
Will a reverse mortgage affect my Social Security or Medicare?+
No, since proceeds are loan advances, not income. However, need-based programs like Medicaid or SSI can be affected if reverse mortgage funds are held in an account rather than spent, so it's worth discussing your specific situation with a loan officer.
Do I have to be debt-free to qualify?+
No, but you typically need substantial equity in your home - often 50% or more. If you still owe a balance on your current mortgage, reverse mortgage proceeds are generally used first to pay that off.
Is HUD counseling really required?+
Yes, for HECMs it's required by federal law. You'll complete an independent counseling session with a HUD-approved counselor before moving forward, to make sure you understand how the loan works before you commit.
More resources and related programs
Let's see if a reverse mortgage fits your goals.
No pressure, no obligation - just a clear, honest answer from a local loan officer.