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How reverse mortgages work as a source of retirement income

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If, after your clients have considered other housing options, they decide to remain in an eligible home or to move into a new eligible home, you may want to have them consider a Home Equity Conversion Mortgage (HECM) — more commonly known as a “reverse mortgage” — as a source of retirement spending.

The vast majority of reverse mortgages in the United States are HECM reverse mortgages, which are regulated and insured through the federal government by the Department of Housing and Urban Development and the Federal Housing Authority.