Reverse Mortgage (HECM) — Unlock Home Equity & Stay in Your Home

Stay in Your Home. Eliminate Monthly Payments. Enjoy Retirement.

If you’re 62+ and have built meaningful home equity, a reverse mortgage (HECM) may help you convert a portion of that equity into funds—without required monthly principal & interest payments. You’ll continue to pay property taxes, homeowners insurance, HOA dues (if any), and home maintenance.

Talk to Joe & Marni Costa
Park Place Collective (NMLS #2571108)
📞 646‑245‑7856 • ✉️ jcosta@parkplacefg.com
San Diego, CA

What Is a Reverse Mortgage?

A Home Equity Conversion Mortgage (HECM) is a federally regulated loan for qualifying homeowners that allows you to access home equity as a lump sum, monthly advances, a line of credit, or a combination. Title stays in your name. The loan is typically repaid when the home is sold, you move out of the property as your primary residence, or another maturity event occurs.

Key points at a glance:

• No required monthly principal & interest payments
• You remain on title and in your home
• Non‑recourse protection (you or your heirs won’t owe more than the home’s market value when the loan is repaid)
• HUD‑approved counseling is required before application

Always consult your financial, legal, and tax advisors to determine suitability for your situation.

Who’s a Good Fit?

A reverse mortgage may be a strong option if you:

• Are 62 or older (at least one borrower)
• Have significant equity in your primary residence
• Plan to live in your home long‑term
• Want to reduce monthly expenses or boost retirement cash flow
• Prefer the flexibility of lump sum, monthly income, or a line of credit

Why Homeowners Choose a Reverse Mortgage

Practical uses:

• Eliminate existing monthly mortgage payment (P&I)
• Create supplemental retirement income
• Build an emergency/renovation reserve
• Cover healthcare or in‑home care needs
• Add a buffer so you aren’t forced to sell investments in a down market
• Bridge to downsizing—on your timeline

Potential benefits:

• Flexibility in how and when you access funds
• Stay in the home and community you love
• Non‑recourse protection for you and your heirs
• Education‑first process with clear disclosures

Important considerations:

• You must continue to pay taxes, insurance, HOA (if any), and maintain the property
• You must occupy the home as your primary residence
• Closing costs and ongoing obligations should be weighed against your goals

Myths vs. Facts

Myth: “The bank takes my house.”
Fact: You keep title. The loan is repaid when due, typically from the home’s sale or a refinance.

Myth: “My heirs could be stuck with a big bill.”
Fact: HECMs are non‑recourse; you or your heirs do not owe more than the home’s market value when the loan is repaid.

Myth: “Reverse mortgages are only a last resort.”
Fact: Many use them strategically for cash‑flow flexibility, portfolio protection, or to fund aging‑in‑place.

Eligibility & Obligations (High Level)

• Age: 62+ (at least one borrower)
• Property: Owner‑occupied primary residence
• Equity: Sufficient equity to meet program parameters
• Counseling:HUD‑approved counseling required
• Ongoing: Pay property taxes, insurance, HOA (if any), and keep the home in good repair

Program availability, proceeds, and terms depend on age, interest rates, appraised value, and other factors. Not all borrowers will qualify.

Our Process (Simple & Clear)

1. 15‑Minute Fit Call — Understand goals, review basics, and discuss scenarios.
2. Education & Counseling — You’ll complete required HUD counseling and receive a certificate.
3. Application & Disclosures — We assemble your file, verify eligibility, and outline options.
4. Appraisal & Underwriting — Independent valuation and credit/property review.
5. Close & Access Funds — Choose lump sum, monthly option, line of credit, or a mix.

Frequently Asked Questions

Will I still own my home?
Yes. You remain on title and retain ownership. The loan is repaid when due.

Do I have to make a payment every month?
No required monthly P&I payments. You must keep up with taxes, insurance, HOA (if any), and maintenance.

What happens when I move or pass away?
The loan becomes due. Typically, the home is sold; any remaining equity after repayment goes to you or your heirs.

Can I use a reverse mortgage to pay off my current mortgage?
Yes—many borrowers use proceeds to pay off an existing mortgage, eliminating that monthly P&I payment.

Is a reverse mortgage right for me?
It depends on your goals, finances, health, and family plans. We’ll run side‑by‑side comparisons and coordinate with your advisors.

Talk With Us

Schedule a no‑obligation consult to see if a reverse mortgage fits your plan.

Joe & Marni Costa — Park Place Collective
📞 646‑245‑7856 • ✉️ jcosta@parkplacefg.com
402 West Broadway, Suite 400, San Diego, CA 92101
NMLS: Joe Costa #113396 • Park Place Collective #2571108

Compliance & Disclosures

This material is for educational purposes and is not a commitment to lend. All loans are subject to credit approval, property eligibility, and program guidelines. Terms, rates, and costs are subject to change. Reverse mortgage borrowers must continue to pay property taxes, homeowners insurance, HOA dues (if any), and maintain the property or the loan may become due and payable. Equal Housing Lender. Consult your tax, legal, and financial advisors for advice specific to your situation.