For sons and daughters
If you are looking up “reverse mortgage for my parents” or “for mom and dad,” you can be on the call. No pressure. Nothing you send is a loan approval.
Angie Scott · NMLS #387494 · Angie grew up in the Fort Walton Beach area and has lived on this stretch of the Florida Panhandle her whole life.
A reverse mortgage is a big home decision. Adult children are welcome on the first call and on later ones. Ask the hard questions. Take notes. There is no hard close and no requirement that anyone decide on the phone.
Angie grew up in the Fort Walton Beach area and has lived on this stretch of the panhandle her whole life. She is used to family calls — a parent on speaker, a son or daughter in another city, everyone hearing the same plain-English explanation.
Your parent remains the homeowner. A HECM places a lien, like other mortgages. It does not transfer the deed to a bank. They must still live in the home as their primary residence, pay property taxes and homeowners insurance, and maintain the property.
If they cannot keep those obligations current, a reverse mortgage will not fix that — and it can still go to default. That is one reason HUD counseling exists.
A HECM is structured as a non-recourse loan under program rules: heirs are typically not personally liable for more than the home is worth when the loan comes due. When it comes due, heirs can usually sell the home to repay it, refinance to keep it, or convey the property and walk away without a personal bill for any shortfall — even if the balance is higher than the home’s value.
That is the same explanation already on this site’s education page. It is not a promise about any one estate. A HUD-approved counselor will walk through the options in your parents’ situation.
Federal law requires HECM counseling from a HUD-approved counselor who is not hired by the lender. Your parent gets a counseling certificate. You can often join that session too. Find a counselor at 800-569-4287 or the links on the official resources list.
Angie can explain the overall process. She cannot replace counseling, and she will not rush anyone past it.
If a reverse mortgage is not the right fit, Angie will say so. See the FAQ or the HECM overview.
Call Angie’s cell or send a note. Say you are calling about a parent. Fifteen minutes is usually enough for the first pass.