🌤️ Eliminate Your Monthly Payment
What would you do with your mortgage payment back?
If you’re 62 or better and still writing a mortgage check every month, this is the strategy to understand first. A Home Equity Conversion Mortgage (HECM) pays off your existing mortgage at closing — and from that day forward, no monthly principal & interest payment is required. You still own your home, you still pay your property taxes, homeowners insurance, and upkeep, and you keep living right where you are. The payment you used to send the bank? That’s yours again.
Is this you?
This strategy tends to fit…
- Homeowners 62+ still carrying a monthly mortgage payment into retirement
- Anyone whose fixed income feels tighter every year while the house sits full of equity
- Couples who want breathing room in the budget without selling the home they love
- People who want the option to pay something toward the balance some months — and nothing other months
Questions people actually ask
Eliminate Your Monthly Payment: straight answers
Do I still own my home with a HECM?
Yes. Title stays in your name, exactly like any other mortgage. The bank does not take your home. As long as you meet the loan terms — live there as your primary residence, pay property taxes and homeowners insurance, and maintain the home — you cannot be forced out.
What happens to the loan balance if I never make payments?
Interest and mortgage insurance accrue onto the balance over time instead of being paid monthly. The loan is repaid when a maturity event occurs — typically when the last borrower sells, permanently moves out, or passes away. And a HECM is non-recourse: neither you nor your heirs ever owe more than the home is worth when it’s sold to repay the loan.
Can I still make payments if I want to?
Absolutely — that’s one of the most underrated features. You can pay any amount, any month, with no prepayment penalty. Many of Kelly’s clients treat it as an optional payment: pay in good months, skip when life happens.
How much of my mortgage can a HECM pay off?
It depends on your age, current interest rates, and your home’s value under HUD’s rules. If your current balance is modest relative to your equity, a HECM often pays it off entirely with funds left over. Your home equity check-up with Kelly shows the real numbers for your situation.
Keep exploring
The RELOC: A Growing Line of Credit
A reverse mortgage line of credit gives you a credit line whose unused portion grows over time by program rule — with no required monthly mortgage payment.
Learn more →Right-Size with the H4P
The HECM for Purchase (H4P) lets you buy your next home with a substantial down payment — and no required monthly mortgage payment on the rest.
Learn more →Retire Now, Claim Later
Use housing wealth as a bridge — retire on your timeline, cover the gap to Medicare, and let your Social Security benefit grow toward the maximum at age 70.
Learn more →Wondering if this fits your plan?
That's literally what the home equity check-up is for. One friendly conversation, your real numbers, zero pressure — bring your family or your advisor.