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Finance Your Home Renovations Using Your Home Equity — No Monthly Mortgage Payments Required!*

Finance Your Home Renovations Using Your Home Equity — No Monthly Mortgage Payments Required!*

Learn How It Works

*Just Pay Property Expenses, Such as Taxes and Insurance

Here’s How: Access the funds you need by obtaining a reverse mortgage loan

Follow a manual added link

Schedule Your Free Consultation

Most reverse mortgages are Home Equity Conversion Mortgages (HECMs), the only reverse mortgages insured by the Federal Housing Administration (FHA). This webpage discusses HECM loans.

Eliminate Monthly Mortgage Payments

You still must pay property-related taxes, insurance, and upkeep expenses.

Access Equity as Cash

Access a portion of your home’s equity without incurring income tax.†

You Own Your Home

You remain on title and own your home so long as you meet the loan obligations.

Renovate Your Home and Boost Cash Flow in Retirement

Imagine having the funds to easily afford home upgrades that make your home:

  • Safer

  • More aesthetically pleasing

  • More comfortable

  • More valuable

From widening doorways to remodeling bathrooms and kitchens, numerous improvements can increase safety and comfort in your home. Collaborating with an expert in accessible design can help identify beneficial changes. But how do you fund these projects?

Here’s the good news: You might qualify for a Home Equity Conversion Mortgage (HECM), a reverse mortgage loan insured by the FHA, explicitly designed for homeowners 62 and over.

As a HECM borrower, you can:

  • Access a percentage of your built-up housing wealth as cash, fixed monthly advances, or a line of credit.
  • Use HECM loan proceeds at closing to refinance (pay off) your payment-required traditional mortgage.
  • Choose how much or little to pay toward the loan each month or defer payments entirely while living in your home. You must maintain the home and cover property charges such as taxes and insurance

Plus, you can use any remaining HECM loan proceeds as you wish, such as to:

  • Pay for aging-in-place solutions, like renovations or in-home care
  • Paying off high interest credit cards
  • Paying for a large purchase, like a new car
  • Establishing a rainy day fund

Harness the Power of the HECM Line of Credit

Unlock the full potential of your HECM line of credit by taking advantage of its compounding growth. As the unused portion of the credit line increases, so does your borrowing capacity. Initiating your HECM line of credit sooner rather than later grants you greater financial flexibility in the future, allowing for potential home enhancements and upgrades down the road.

Here’s a hypothetical example of a 65-year-old borrower utilizing a HECM line of credit for home renovations:*

Remember, home values in many areas across the country are still at or near historic highs. That’s wonderful news for you as a homeowner, especially if you want to put your housing wealth to work.

(Must pay essential property charges, like taxes and insurance)

*This information is provided as a guideline; the actual reverse mortgage available funds are based on current interest rates, current charges associated with loan, borrower date of birth (and that of eligible non-borrowing spouse, if applicable) the property sales price and standard closing cost. Interest rates and loan fees are subject to change without notice.

Home Value: $600,000

Eligible HECM Line of Credit: $200,000

Renovation Costs: $90,000

Remaining HECM Line of Credit: $110,000

Monthly Mortgage Payment: $0†

Customer Testimonial: Reverse Mortgage Loan for Home Improvements

Articles About Reverse Mortgage Loans and Freeing Up Cash Flow

Reverse Mortgage Loans and Home Repairs: Key Insights

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The Benefits of HECM Loans for Home Improvement

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Reverse Mortgage Helps Retiree Buy Dream Home, Fund Improvements

Learn More

Why Fairway Independent Mortgage Corporation?

  • We’re committed to providing an amazing experience – from loan application to closing and beyond
  • We’re a national, full-service lender with high customer satisfaction scores
  • We’re ranked as one of the top 10 mortgage companies in America (by Mortgage Executive Magazine)
  • As an FHA-approved lender, we can sell HECM reverse mortgages
  • We’re dedicated to educating consumers, as well as their family members and other trusted advisors, on the pros and cons of reverse mortgages

Schedule an Appointment with Me Today!

Call me or complete the form below to get a free consultation. Together, let’s find out if leveraging home equity is the right move for you and your retirement.

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†This material does not constitute tax advice. Please consult a tax advisor regarding your specific situation.

*Source: https://www.cbsnews.com/news/best-reverse-mortgage-companies-2023/

Copyright©2026 Fairway Independent Mortgage Corporation (“Fairway”) NMLS#2289. 4750 S. Biltmore Lane, Madison, WI 53718, 1-866-912-4800. All rights reserved. Fairway is not affiliated with any government agencies. These materials are not from HUD or FHA and were not approved by HUD or a government agency. Reverse mortgage borrowers are required to obtain an eligibility certificate by receiving counseling sessions with a HUD-approved agency. The youngest borrower must be at least 62 years old. Monthly reverse mortgage advances may affect eligibility for some other programs. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Equal Housing Opportunity. Fairway Independent Mortgage Corporation NMLS ID #2289 www.nmlsconsumeraccess.org.