Clear, pressure-free education for homeowners 62 and older who want to know how a reverse mortgage really works – what it costs, what it protects, and whether it fits your retirement plan.
Mortgage Advisor
AZ LO-2001289 | CA DFPI 2334799 | TX 2334799
NEXA Mortgage, LLC · NMLS 1660690 · Equal Housing Lender
A reverse mortgage is a loan for homeowners generally age 62 and older that lets you convert part of your home’s equity into cash — as a lump sum, monthly payments, a line of credit, or a combination. Unlike a traditional mortgage, you don’t make monthly principal-and-interest payments. Instead, the loan balance grows over time and is repaid when you sell the home, move out permanently, or pass away.
You remain the owner of your home. You must continue to pay property taxes, homeowners insurance, and keep the home maintained — these are the responsibilities that keep the loan in good standing.
The most common reverse mortgage is the Home Equity Conversion Mortgage (HECM), insured by the Federal Housing Administration (FHA).
Under 62, or spouse under 62? Ask anyway — eligible non-borrowing spouses have protections, and some non-FHA “proprietary” reverse mortgages start younger. This needs careful structuring.
Eliminate an existing monthly mortgage payment · Create a monthly income cushion · Set up a standby line of credit for emergencies · Pay for in-home care or medical costs · Help family now instead of later · Delay drawing Social Security or retirement accounts.
Talk to your financial advisor about your situation — this is not investment advice.
A HECM line of credit has a feature no bank HELOC offers: the unused portion grows over time, regardless of your home’s value. Many financially comfortable retirees open one they don’t immediately need, as a standby reserve that gets larger every year.
Unlike a HELOC, it can’t be frozen or reduced by the lender as long as the loan stays in good standing — and there are no required monthly principal-and-interest payments.
A reverse mortgage isn’t only for the home you’re in. With a HECM for Purchase, you combine a one-time down payment — often from the sale of your previous home — with reverse mortgage proceeds to buy your next home: closer to family, single-level, easier to maintain. No required monthly mortgage payments afterward, with the same age, occupancy, and tax-insurance-maintenance obligations as any HECM.
Bottom line: a reverse mortgage is a tool — right for some retirements, wrong for others. The goal of this site is to help you tell the difference.
When the last borrower leaves the home, your heirs have options — and a legal floor under them:
We encourage clients to bring adult children into the conversation early. Family is welcome in every meeting.
Clear answers to the questions homeowners 62 and older ask most about reverse mortgages - what they cost, what they protect, and what they mean for your family.
It depends on your age, your home’s value, current interest rates, and any existing mortgage balance. Mark can run your exact numbers in a few minutes.
Yes. Title stays in your name.
Property taxes, homeowners insurance, HOA dues if any, and normal upkeep.
For HECMs, yes — an independent, HUD-approved counselor. It typically costs $125–$200 and protects you.
Your heirs choose: repay the loan (or 95% of appraised value if lower) and keep the home, or sell it and keep the remaining equity. They never owe more than the home’s value.
Yes, at any time, with no prepayment penalty on HECMs.
No. It can affect needs-based programs like Medicaid or SSI — we’ll flag that in your review.
Rules protect eligible non-borrowing spouses; this needs careful structuring — ask Mark.
Free 30-minute conversation — bring your family, bring your questions, bring your skepticism.
Discover why clients choose Mark Pattison for their mortgage needs.
Mark Pattison is a Mortgage Advisor with a diverse background in business, martial arts and raising four children. Passionate about helping others achieve their goals, Mark leverages his varied experiences to provide comprehensive support to his clients. As a “numbers guy” with a desire to empower others, he finds excitement in guiding individuals through major life stages, including homeownership. Mark specializes in providing tailored financial solutions, offering a wide range of loan programs such as conventional, FHA, Jumbo, VA, and USDA loans. Committed to making a positive impact on his clients’ lives, Mark embodies his philosophy of “Empower Through Action” to effect change in the community and everyone he comes in contact with. Please reach out and see how he is truly always, “Happy to help.”
Based in North County San Diego and serving Carlsbad, Encinitas, and beyond, Mark Pattison delivers mortgage solutions with clarity, speed, and personalized guidance. Backed by NEXA Mortgage—one of the nation’s top brokerages—Mark offers competitive loan options tailored to your goals. He is fully licensed in California (CA), Arizona (AZ LO-2001289), and Texas (TX 2334799), giving you access to trusted support across multiple states. Whether you’re buying, refinancing, or investing, you’ll receive honest advice and a smooth experience from start to close.
