Reverse Mortgages & HECM
A Plain-English Guide for Homeowners 62+. From the basics of the FHA-insured Home Equity Conversion Mortgage to buying a home with HECM for Purchase and what happens after death, this is the reverse mortgage resource for Southern Nevada homeowners.
Last reviewed September 9, 2026
Quick Answer
A Home Equity Conversion Mortgage is an FHA-insured reverse mortgage for eligible homeowners age 62 and older. Borrowers retain title and generally do not make traditional monthly mortgage payments, but must continue living in the home as a principal residence, paying taxes and insurance, and maintaining the property.
How do reverse mortgages work, and what do they not do?
A reverse mortgage lets an eligible older homeowner borrow against home equity while continuing to own and live in the home. With a HECM, the most common type, the borrower keeps title, generally makes no traditional monthly mortgage payments, and the loan balance grows over time as interest and fees accrue. The loan generally becomes due when the last borrower or qualifying surviving occupant no longer meets the occupancy requirements, sells the property, or dies.
Borrowers must continue paying property taxes, homeowners insurance, HOA dues where applicable and maintenance, and must keep the home as their principal residence. HUD-approved counseling is required, and HECMs are FHA-insured with non-recourse protections under applicable rules. A reverse mortgage is a financial tool with real costs and obligations, not free money, and it is never guaranteed by anyone but the facts of your situation plus current program rules.
Lisa C Hamilton is a Nevada REALTOR® and handles the real estate side of the decision, from estimating value and comparing staying versus selling to coordinating a HECM-for-Purchase home search and an inherited-property sale. A licensed HECM lender determines eligibility, principal limits, interest rates, mortgage insurance and loan terms, and HUD-approved reverse mortgage counseling is required. HECM rules and figures change: HUD and CFPB guidance should be reviewed regularly, and the 2026 HECM maximum claim amount of $1,249,125 must be refreshed annually from HUD rather than treated as permanent.
Reverse Mortgage Resource Navigation
Start with the situation that matches yours. Every guide covers both the benefits and the obligations of HECM financing.
The Basics
What a reverse mortgage is, how the balance works, and who can get one.
HECM for Purchase (Buying a Home)
Buyers 62+ can buy a new principal residence with reverse mortgage financing instead of tying up every dollar of cash.
What Happens When the Homeowner Dies
The payoff, sale, timeline and non-recourse answers heirs actually need.
Every Guide in This Series
All ten articles in this resource center, whichever way you want to start.
AGE 62+ AND PLANNING TO PAY CASH?
Before committing all of your home-sale equity to the next house, ask a qualified HECM lender whether HECM for Purchase could preserve part of your liquidity while eliminating the need for traditional monthly mortgage payments.
Lisa can help you find and negotiate the home. A licensed HECM lender determines eligibility, proceeds, required cash investment, interest rate, and loan terms. HUD-approved reverse mortgage counseling is also required.
HECM rules change. Always verify the current numbers.
The HECM maximum claim amount, principal-limit factors, mortgage insurance premiums, counseling rules, financial assessment, eligible property types, HECM-for-Purchase allowable funding sources, seller and interested-party contributions, non-borrowing spouse protections, and due-and-payable and heir timelines are set by HUD, FHA, the CFPB and the loan servicer, and they change. HUD currently lists the 2026 HECM maximum claim amount at $1,249,125; that number must be refreshed annually from HUD and should never be treated as a permanent cap. When a number matters to your decision, verify it against current official sources and your licensed HECM lender.
Your lender and a HUD-approved counselor determine eligibility, proceeds, terms and obligations for any individual. Lisa is a REALTOR®, not a reverse-mortgage loan originator, financial adviser, attorney, CPA or estate-planning attorney: she handles the property search, offers, negotiation, valuation, and transaction coordination, and she never gives HECM quotes.
Reviewed by
Lisa C Hamilton, REALTOR®, NV License S.168195
Lisa C Hamilton is a Las Vegas Valley REALTOR® affiliated with THE Brokerage, A Real Estate Firm®, helping buyers, sellers, investors, and relocating clients across Clark County and Greater Las Vegas. She handles the real estate side of reverse-mortgage decisions: valuation, staying versus selling, HECM-for-Purchase searches and inherited-property coordination. She is not a reverse-mortgage loan originator, financial adviser, attorney, CPA or estate-planning attorney, and she never gives HECM quotes.