Learn the facts about reverse mortgages from The 2 Mortgage Guys. Free calculator, honest answers, and personalized guidance. No pressure. Call (765) 450-8933 today.
The 2 Mortgage Guys, Ryan Minick & Steve DeLon
Luminate Bank
Phone: (765) 450-8933
Email: [email protected]
NMLS# 203249 & 202876
Company NMLS# 1281698
Luminate Bank NMLS 1281698 Bank Headquarters 2523 S. Wayzata Blvd., Suite 100 Minneapolis, MN 55405 (952) 939-7200. This is not an offer to enter into an agreement. Information provided is outlining the minimum down payment requirements as allowed by specific loan program and product guidelines and any information, rates and programs are subject to change without prior notice and may not be available in all states. All loans are subject to credit and property approval. Luminate Bank is not affiliated with any government agency. All rights reserved.
Learn the facts about reverse mortgages from The 2 Mortgage Guys. Free calculator, honest answers, and personalized guidance. No pressure. Call (765) 450-8933 today.
Let's clear up the myths & misunderstandings. Discover the benefits. See if this is right for you.
In plain English, without the jargon, fine print, or sales pitch.
Age 62 or older
Via a HUD-insured HECM loan
Cash, monthly income, or a new home — no P&I payments
From the sale of the home. You/heirs keep leftover equity.
The HECM program is regulated by HUD and insured by the Federal Housing Administration. It is the safest, most regulated reverse mortgage option available.
Four simple steps. No fine print. Just the facts.
No income requirements. Based on your age, home value, and equity.
A quick, independent HUD-approved counseling session to ensure you understand everything.
Your home is appraised. We finalize your loan terms and amount.
Choose lump sum, monthly payments, line of credit, or a combination. No monthly mortgage payments required.
If you're ready. If not, keep scrolling to learn more.
A reverse mortgage is not for everyone. Here is an honest look at who it helps most — and who should probably look elsewhere.
✓ You are 62 or older and own your home (or have significant equity)
✓ You want to eliminate your current monthly mortgage payment
✓ You plan to stay in your home for the foreseeable future
✓ You want to supplement retirement income or preserve savings
✓ You can keep up with property taxes, insurance, and maintenance
✗ You plan to move within the next 2-3 years
✗ You want to leave your home to heirs free and clear
✗ You cannot afford ongoing property costs (taxes, insurance, upkeep)
✗ You have significant liquid assets and no need for extra cash flow
The questions adult children ask most — answered clearly, so everyone in the family can feel confident about the decision.
Many adult children want to understand how a reverse mortgage affects them before their parents move forward. Bookmark or share this section with your family so everyone can review it on their own time.
Family sells the home and keeps remaining equity.
Family refinances and keeps the home.
Family signs the property over if loan balance exceeds value.
Important: Heirs are not personally responsible for remaining loan balance.
No obligation. No email.
Estimated Principal Limit
Maximum loan amount based on age & rate
Net Available After Payoff
Funds left after paying off existing mortgage
Est. Monthly Tenure Payment
Fixed monthly payment for life (estimate)
Line of Credit Available
Unused balance grows over time at loan rate
Disclaimer: These figures are estimates for educational purposes only. Actual HECM amounts depend on current FHA principal limit factors, the 10-year CMT index, lender margins, your home's appraised value, and other factors. Contact us for a personalized, accurate quote. Rates and PLFs change regularly.
The top 5 biggest myths and misunderstandings
Myth:
The bank takes your home when you die.
Truth: You still own your home.
This is the #1 fear people have. It is also completely false. A HECM is a mortgage, not a sale. Your name remains on the title from day one. The lender only places a lien against the property — exactly the same way a traditional mortgage works.
✓ Live in the home — It must remain your primary residence.
✓ Maintain the property — Keep it in good condition and repair.
✓ Pay taxes & insurance — Stay current on property taxes and homeowners insurance.
Do these three things, and it is still YOUR house.
My kids won't inherit anything.
Truth: Your heirs still inherit the home — and the equity.
Many people believe a reverse mortgage wipes out their family's inheritance. The exact opposite is true! Just like any other mortgage, your heirs inherit the property. They can sell it and keep the remaining equity, refinance the loan into their name, or pay it off and move in. The choice is entirely theirs.
Your heirs sell the home, pay off the loan balance, and keep whatever equity remains. Just like a traditional mortgage.
If they want to keep the home, they simply refinance the balance into a new loan in their name. No forced sale. Ever.
If the loan balance ever exceeds the home's value, FHA insurance covers the gap. Your heirs will never owe more than the home is worth.
Your family is protected. Their inheritance is real.
I can get kicked out of my home at any time.
Truth: You cannot be forced out as long as you continue meeting the loan requirements.
Many fear the lender can show up and force them to leave. That is not how this works at all. A HECM is a non-recourse loan insured by the FHA. As long as you keep up with property taxes, homeowners insurance, and maintenance, you have the legal right to live in your home for as long as you choose — even if the loan balance grows beyond the home's value.
If the loan balance ever exceeds the home value, FHA insurance covers the lender — not you. You stay put regardless.
The loan only becomes due when you pass away, sell the home, or move out permanently. Not before.