Reverse Mortgage Loans
Minimum Age to Qualify
Monthly Mortgage Payments
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A decision worth taking your time with
What Is a Reverse Mortgage?
A reverse mortgage is a home loan available to homeowners aged 62 and older that lets you access the equity you’ve built in your home — without selling it or making monthly mortgage payments. Instead of you paying the lender, the lender pays you.
The most common type is the Home Equity Conversion Mortgage (HECM), which is insured by the federal government through the FHA. With a HECM, you can receive funds as a lump sum, a line of credit, monthly payments, or a combination of options — whatever fits your situation. The loan doesn’t need to be repaid for as long as you live in your home as your primary residence.
You also keep the title to your home. When you eventually sell, move, or pass away, the loan balance is repaid from the proceeds — and any remaining equity belongs to you or your heirs. Thanks to recent legislation, you can now also use a reverse mortgage to purchase a new home, allowing you to downsize or relocate without taking on a monthly mortgage payment. Exploring your options? See how a reverse mortgage compares to a HELOC →
Reverse Mortgage Programs We Offer:
- HECM (FHA-insured) — most common program
- HECM for Purchase — buy a new home with no monthly payment
- HECM Refinance — access more equity from an existing reverse mortgage
- Proprietary (Jumbo) Reverse — for higher-value homes above the HECM limit
- HUD-approved counseling referral included
- Family consultations welcome
Reverse Mortgage Requirements
62 years old or older (at least 1 borrower on title must meet this requirement).
Substantial equity in your primary residence — typically at least 50% or more
Single-family homes, 2–4 unit properties (owner-occupied), FHA-approved condos, and manufactured homes meeting HUD requirements.
⚠️ Note: Co-ops are generally not eligible — confirm with your loan officer.
The home must be your primary residence — not a second home or investment property.
Lender will review income, credit history, and assets to confirm you can maintain property taxes, homeowners insurance, and upkeep.
Required: All borrowers must complete a session with a HUD-approved housing counselor before closing — this is a federal requirement, not a PHS requirement.
Set annually by the US Department of Housing and Urban Development (HUD).
No monthly mortgage payments required — you must continue to pay property taxes, insurance, and maintain the home.
Why Families Choose Powerhouse Solutions for Reverse Mortgages
Our team has guided homeowners through reverse mortgages for twenty years, including complex situations other lenders turn away. We know what it takes to close.
You get a dedicated loan officer from your first conversation through closing. No call centers, no being passed around. The same person answers your questions every time — and is happy to speak with your family too.
A reverse mortgage is a big decision, and we respect that. Your free consultation comes with no credit pull, no obligation, and no timeline pressure. We’re here to give you the facts so you can decide what’s right for your family.
As a direct lender with no broker in the middle, we control the timeline from application to closing. Most of our reverse mortgage loans close in under 30 days — because your time is valuable.
Reverse Mortgage vs. HELOC — Which Is Right for You?
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Feature
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Reverse Mortgage
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HELOC
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Monthly Payments Required?
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No — none required while you live in the home
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Yes — interest payments required from the start
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Age Requirement
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62 and older for at least 1 borrower
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No age requirement
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Credit Score Required
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Financial assessment only — no strict minimum
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Generally 640+ required
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How You Receive Funds
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Lump sum, line of credit, monthly payments, or a combination
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Draw as needed up to your credit limit
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When Loan Is Repaid
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When you sell, move out permanently, or pass away
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Monthly — on an ongoing basis
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You Keep Title to Home
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Yes
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Yes
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Best For
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Seniors who want to eliminate mortgage payments or access equity without monthly obligations
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Homeowners under 62 who can manage monthly payments and want flexible access to equity
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Not sure which option fits your situation? We’ll give you a straight answer.
Ready to See What Your Home Equity Can Do for You?
How It Works — From Application to Closing
Tell us about your situation in under 2 minutes. No commitment, no credit pull.
Your dedicated loan officer reviews your details and issues a pre-approval letter, often the same day.
PHS manages the entire process from underwriting to title. You focus on finding your home.
As a direct lender, we control the timeline. No bank delays, no middlemen.
What Our Reverse Mortgage Clients Say
Homeowners who took the time to understand their options — and made a decision that worked for them.