Reverse Mortgage — Pay Off Your Mortgage
Eliminate Your Monthly Mortgage Payment — Keep Your Home
If you're 62 or older and still making mortgage payments, a reverse mortgage can pay off your existing loan and end your monthly payment obligation — permanently.
How It Works
A reverse mortgage pays off your existing mortgage at closing. The new reverse mortgage replaces it — but with no required monthly payment. You continue to own your home and live in it. The reverse mortgage balance grows over time and is repaid when you sell, move out, or pass away.
Determine Your Equity
We calculate your home's current value minus your existing mortgage balance to find your available equity.
Reverse Mortgage Pays Off the Old Loan
At closing, the reverse mortgage proceeds are used to pay off your existing mortgage in full.
No More Monthly Payment
Your monthly mortgage obligation ends. You still pay property taxes, insurance, and HOA — but no mortgage payment.
Access Remaining Equity (Optional)
If your reverse mortgage proceeds exceed your payoff amount, you can receive the difference as a lump sum, line of credit, or monthly payments.
Example Scenario
| Home Value | $850,000 |
| Existing Mortgage Balance | $320,000 |
| Available HECM Proceeds (est.) | $510,000 |
| Payoff of Existing Mortgage | −$320,000 |
| Remaining Equity Access | $190,000 |
| Monthly Mortgage Payment After | $0 |
Illustrative example only. Actual amounts depend on age, home value, interest rate, and existing mortgage balance. Contact Brooks Mortgage for a personalized analysis.
Why Pay Off Your Mortgage With a Reverse?
Free Up Monthly Cash Flow
Eliminating a $2,000–$4,000 monthly mortgage payment can dramatically improve your retirement cash flow and reduce financial stress.
Stay in Your Home
You retain full ownership and the right to live in your home for as long as you choose, as long as you meet the basic loan obligations.
Access Additional Equity
If your home value exceeds your payoff amount, you may be able to access the remaining equity as a line of credit or monthly income.
Non-Recourse Protection
HECM loans are non-recourse — you and your heirs will never owe more than the home is worth at the time of repayment.
Who Qualifies
- Age 62 or older (all borrowers on title)
- Primary residence with sufficient equity
- Existing mortgage balance must be payable from HECM proceeds
- Must complete HUD-approved counseling
- Must continue paying property taxes, insurance, and HOA
- Home must meet FHA minimum property standards
FAQs — Paying Off Your Mortgage
Find Out If You Qualify to Eliminate Your Mortgage Payment
Tell us about your home and current mortgage and we'll model exactly how a reverse mortgage could work for you.
Personalized for you
Get Your Personalized Mortgage Rate
Every borrower is different. Tell us about your scenario and we'll compare programs and rates tailored to you — no obligation.
- Compare multiple loan programs side by side
- Review interest rate, APR, points, and monthly payment
- Speak directly with an experienced mortgage broker
Specialized programs available