Lending
Reverse Mortgages (HECM) in the Sacramento Region
General information on FHA-insured reverse mortgages for borrowers 62 and older, to stay or to buy.
Talk to Maggie directly: cell (916) 549-3131 (text or call) · maggie@loveyoursurroundings.coMaggie B. Hopkins, NMLS #349517 · Surroundings NMLS #2528307
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What is a reverse mortgage?
This page is general information, not advice for your situation. A reverse mortgage is a loan that lets a homeowner borrow against the equity in their home without making monthly mortgage payments. The CFPB's reverse mortgage page (last modified September 25, 2026) says these loans generally must be repaid when you sell or no longer live in the home. Interest and fees are added to the balance, so it grows over time.
The most common kind is the Home Equity Conversion Mortgage, or HECM. HUD's Programs of HUD 2025 lists it as FHA mortgage insurance for reverse mortgages, under Section 255 of the National Housing Act. Maggie B. Hopkins is a Reverse Mortgage (HECM) Lending Specialist and a mortgage broker. She can explain how it works and compare HECM offers across lenders.
Get the reverse mortgage guide
Who can get a HECM?
According to HUD's Programs of HUD 2025, all HECM borrowers must:
- be at least 62 years old,
- own the home outright or have substantial equity,
- live in the home as their principal residence,
- have the financial resources to keep paying ongoing property charges, and
- complete a mandatory counseling session with a HUD-certified HECM counselor.
The same HUD source says any existing liens must be paid off at settlement of the reverse mortgage. Borrowers also must not be delinquent on any federal debt, or must have a repayment plan in place.
Why is counseling required, and who provides it?
Counseling is required before a HECM. It comes from an independent HUD-certified HECM counselor, not from the lender or the broker. HUD's Certificate of HECM Counseling (form HUD-92902) says prospective borrowers must receive counseling. So must non-borrowing spouses, non-borrowing owners and agents or guardians, where they apply.
The session covers how the loan works, what it costs, other options you might have and what you're responsible for. Adult children or other trusted family members are welcome to join if the borrower wants them there. You should leave the session understanding the loan, not feeling sold.
What do you still have to pay with a reverse mortgage?
You still owe property taxes, homeowners insurance and upkeep. The CFPB's reverse mortgage page (last modified September 25, 2026) says the loan may need to be repaid sooner if you fail to pay property taxes or homeowners insurance. The same is true if you fail to keep the home in good repair. The CFPB also urges borrowers not to wait if they get a notice of default or foreclosure.
That's why we look at the ongoing costs before anything else. You can estimate your property tax with our Sacramento property tax calculator. HOA dues and insurance belong in the same budget.
A HECM also has costs of its own, including mortgage insurance, closing costs and the interest added to the balance. We show each one in dollars when we compare offers, so nothing catches you off guard later.
Can you use a reverse mortgage to buy your next home?
Yes. HUD's Programs of HUD 2025 says a borrower may use a reverse mortgage to purchase a new principal residence under the HECM for Purchase program. The HECM pays for part of the new home, and the borrower covers the rest from other funds, such as the sale of the current home.
It's one option some people consider when downsizing, alongside a cash purchase or a traditional loan. Maggie is also a real estate broker, so the sale of the current home, the purchase of the next one and the loan can sit on one plan. Whether a HECM for Purchase fits depends on your age, your equity and your goals.
HUD's same description notes a rule for current reverse mortgage borrowers. If you sell a home that has a reverse mortgage and use HECM for Purchase on a new one, the existing reverse mortgage must be paid off first.
What happens to the home and the loan for your heirs?
You keep ownership of the home. HUD's Programs of HUD 2025 says the borrower retains ownership and may sell and move at any time, keeping the sale proceeds above the loan balance. Unless the loan is due and payable, the borrower cannot be forced to sell, even if the balance grows larger than the home is worth.
A HECM is a non-recourse loan. The CFPB explains (page last reviewed July 11, 2022) that if the loan balance is more than the home is worth, you or your heirs may not have to pay the difference. Heirs may still need to repay the loan, and the CFPB notes that this usually happens by selling the home.
If you're an heir handling a parent's home that has a reverse mortgage, our page on probate and trust sales may help.
How do you start learning about a reverse mortgage?
Read our free reverse mortgage guide first, then call Maggie's cell at (916) 549-3131 with questions. You can also fill out the loan options form and choose "A reverse mortgage," or send us a note.
A first conversation is about whether a HECM fits your plans at all. If it doesn't, we'll say so.
Frequently Asked Questions
How old do you have to be for a HECM?
You must be at least 62. HUD's Programs of HUD 2025 says all HECM borrowers must be at least 62 years old, live in the home as their principal residence and complete counseling with a HUD-certified HECM counselor.
Am I giving up my home if I get a reverse mortgage?
No. HUD says the borrower keeps ownership and may sell and move at any time. You must keep paying property taxes and insurance, keep up the home and live there as your main residence.
Can my heirs end up owing more than the home is worth?
Generally, they cannot with a HECM. The CFPB explains that if the loan balance is more than the home is worth, you or your heirs may not have to pay the difference, because the loan is non-recourse.
Is reverse mortgage counseling required?
Yes. Counseling with an independent HUD-certified HECM counselor is required before the loan. Non-borrowing spouses also take part where they apply.
Can I buy a home with a reverse mortgage?
Yes. HUD's HECM for Purchase program lets a qualifying borrower buy a new principal residence with a reverse mortgage. The HECM covers part of the price, and the borrower brings the rest.
When does a reverse mortgage have to be repaid?
It generally must be repaid when the borrower sells or no longer lives in the home, according to the CFPB. It can come due sooner if property taxes or insurance go unpaid or the home is not kept in good repair.
Is this page advice for my situation?
No. This page is general information about how HECMs work. Your own choice depends on your age, equity, budget and goals. Talk it through with your counselor and your trusted advisors.
Talk to Maggie directly: cell (916) 549-3131 (text or call) · maggie@loveyoursurroundings.coMaggie B. Hopkins, NMLS #349517 · Surroundings NMLS #2528307
Loans are arranged through Maggie B. Hopkins, NMLS #349517 · Surroundings NMLS #2528307. This is not a commitment to lend. All loans subject to credit approval and property qualification. Equal Housing Lender.
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