How Much Can a 70 Year Old Borrow on a Reverse Mortgage? Unpacking Your Borrowing Power

Understanding Reverse Mortgage Borrowing Limits for a 70 Year Old

So, you're wondering, "How much can a 70-year-old borrow on a reverse mortgage?" It's a question many seniors are asking as they explore ways to tap into their home equity without having to sell their home or make monthly mortgage payments. The straightforward answer is that it varies significantly, but a 70-year-old can generally borrow a substantial amount, often tens, or even hundreds, of thousands of dollars, depending on several key factors. I've spoken with numerous homeowners in their seventies who were surprised by the potential loan amounts, and frankly, I've seen firsthand how this financial tool can offer a much-needed lifeline for retirement. It’s not a one-size-fits-all situation; instead, it’s a calculated figure based on your unique financial and property circumstances.

When you're considering a reverse mortgage, you're essentially taking out a loan against the equity you've built in your home. Unlike a traditional mortgage where you make payments to the lender, with a reverse mortgage, the lender makes payments to you. This loan doesn't require repayment until the last borrower permanently leaves the home, usually by selling it, moving out, or passing away. For a 70-year-old, this can mean accessing funds for healthcare, home modifications, travel, or simply to supplement their retirement income. But the crucial piece of the puzzle, and the focus of our discussion, is the "how much" – the specific dollar amount you might be eligible to borrow.

The Primary Determinants of Your Reverse Mortgage Loan Amount

The amount a 70-year-old can borrow on a reverse mortgage is not simply a matter of age. While age is a critical factor, it's part of a larger equation. Lenders use a formula to determine your maximum loan amount, often referred to as the "Principal Limit" or "Cash Available." This calculation takes into account several interconnected elements, and understanding these will give you a much clearer picture of your borrowing potential.

The most significant factors influencing how much you can borrow are:

Your Age: Generally, the older you are, the more you can borrow. This is because the lender anticipates a shorter period of time during which they will be making payments to you before the loan needs to be repaid. For a 70-year-old, this means you'll likely qualify for a higher loan amount than a 62-year-old homeowner with the same home value and interest rate.
The Home's Appraised Value: This is a fundamental piece of the puzzle. The higher the appraised value of your home, the more equity you have, and thus, the greater your borrowing potential. Lenders will require a professional appraisal to establish the current market value of your property.
Current Interest Rates: Interest rates play a crucial role. Higher interest rates will generally result in a lower loan amount, and conversely, lower interest rates can increase your borrowing capacity. This is because the interest rate affects the total cost of the loan over time, and lenders need to ensure the loan doesn't exceed the home's value by too much.
The Specific Type of Reverse Mortgage: The most common type is the Home Equity Conversion Mortgage (HECM), which is insured by the Federal Housing Administration (FHA). There are also proprietary reverse mortgages, which are backed by private lenders. HECMs have specific rules and limits set by the FHA, while proprietary products may offer different terms and higher borrowing limits for eligible homes and borrowers.
Non-borrowing Spouse's Age (if applicable): If you have a spouse who is not a co-borrower, their age can also be a factor, particularly in ensuring they can continue to live in the home after the borrowing spouse passes away. The youngest eligible non-borrowing spouse's age is considered in the calculation.

Let's delve deeper into each of these to really grasp how they impact the final number.

Age and Its Impact on Borrowing Power

When we talk about a 70-year-old's borrowing capacity, age is indeed a primary driver. The reverse mortgage calculation essentially considers how long the lender is likely to be paying you. Think of it this way: if you're 70, the statistical life expectancy suggests the lender might be making payments for a certain number of years. If you were 80, that anticipated period would be shorter, thus allowing for a larger lump sum or higher monthly payments. This is why, for the same home value and interest rate, an 80-year-old will almost always qualify for more money than a 70-year-old. It’s a direct reflection of actuarial science applied to finance. I've seen many clients in their late 60s and early 70s initially think they wouldn't qualify for much, only to be pleasantly surprised when their age, combined with other factors, unlocked significant funds.

The Crucial Role of Home Appraised Value

Your home's value is the bedrock of your reverse mortgage. The loan amount is directly tied to the equity you've built in your home, and the appraised value is the lender's definitive measure of that equity. It's important to understand that the appraised value is not necessarily what you could sell your home for tomorrow. It's a professional opinion of market value based on comparable sales in your area, the condition of your home, and other market factors. So, if your home is valued at $400,000, that’s the figure the lender will use as the maximum potential equity to borrow against. Even if you owe a small amount on a traditional mortgage, that balance will be paid off from the reverse mortgage proceeds, with the remainder becoming your available cash.

Here's a simplified example:

Home Appraised Value: $400,000
Remaining Mortgage Balance: $50,000
Maximum Equity Available for Reverse Mortgage: $350,000

The reverse mortgage principal limit would then be calculated based on this $350,000 of equity, combined with your age, interest rates, and the specific HECM lending limits (if applicable). The initial loan proceeds would first go to pay off the $50,000 balance, leaving the rest available to you.

How Current Interest Rates Affect Your Payout

Interest rates, as you know, influence the cost of borrowing. In the context of a reverse mortgage, they also impact the principal limit. When interest rates are higher, the cost of the loan grows more quickly. Lenders are conservative and will reduce the maximum amount you can borrow to ensure the loan balance doesn't outpace the home's value. Conversely, when interest rates are lower, the cost of borrowing is less, and lenders can afford to lend you more upfront. This is a dynamic factor, meaning the amount you might qualify for could change from month to month based on prevailing economic conditions. It's always a good idea to discuss current interest rate environments with your loan counselor.

Understanding Different Reverse Mortgage Products

The most prevalent type of reverse mortgage is the Home Equity Conversion Mortgage (HECM). These are federally insured and regulated, offering a standardized product with certain consumer protections. HECMs have a maximum loan amount that is adjusted annually by the FHA. For 2026, the HECM lending limit is $1,149,825. This means that even if your home is worth more than this, the maximum amount that can be considered for calculating your principal limit is capped at this figure.

Beyond HECMs, there are also proprietary or "jumbo" reverse mortgages. These are offered by private lenders and are not insured by the FHA. They are typically designed for homeowners with higher-value homes, often exceeding the HECM lending limit. These products can sometimes offer higher loan amounts, but they may also have different eligibility requirements, fees, and features. For a 70-year-old with a very high-value home, a proprietary product might be the only way to access a significant portion of their equity.

The Non-Borrowing Spouse Consideration

This is a crucial point for married couples. If one spouse is significantly younger than the other, or if only one spouse is on the title to the home, the reverse mortgage terms need to account for the surviving spouse's ability to remain in the home. The FHA has specific rules for HECMs that allow a non-borrowing spouse to continue living in the home after the borrowing spouse passes away, provided certain conditions are met. When calculating the principal limit, the age of the youngest eligible non-borrowing spouse might be used, which could potentially reduce the initial loan amount compared to if only the older spouse were considered. This is a complex area, and it’s vital to discuss with a reverse mortgage counselor to ensure all parties understand the implications.

Calculating Your Specific Principal Limit: The Formula in Action

While the exact calculation is performed by the lender's software, it's based on a formula derived from the HUD (U.S. Department of Housing and Urban Development) guidelines for HECMs. The formula essentially looks at the "maximum claim amount" (which is the lesser of the home's appraised value or the HECM lending limit) and multiplies it by an "age factor." This age factor is a percentage that increases with age.

The general principle is:

Principal Limit = (Maximum Claim Amount) x (Age Factor) - (Existing Mortgage Balance + Other Loan Balances)

Let's break down the "Age Factor" and "Maximum Claim Amount" for a 70-year-old.

The Age Factor for a 70-Year-Old

The age factor is derived from actuarial tables and HUD guidelines. It represents the percentage of the maximum claim amount that a borrower of a specific age can access. As mentioned, older borrowers have higher age factors. For a 70-year-old, this factor will be lower than for an 80-year-old but higher than for a 60-year-old.

While I can't provide exact, real-time age factors as they are subject to change and specific lender calculations, I can give you a conceptual understanding. Typically, for a 70-year-old, the age factor might be in the range of around 40% to 60% of the maximum claim amount. This means if your home is valued at $400,000 and the HECM lending limit is not a factor, the initial loan amount calculation before considering existing debt might be between $160,000 and $240,000. This is a broad range, and the actual figure will be more precise.

Maximum Claim Amount: Value vs. Lending Limit

As we touched upon, the "Maximum Claim Amount" is the lesser of your home's appraised value or the FHA's annual HECM lending limit. For 2026, this limit is $1,149,825. This is a critical ceiling. If your home is appraised at $1,500,000, the lender will use $1,149,825 for the calculation, not the full $1,500,000. Conversely, if your home appraises for $600,000, that $600,000 figure will be used as the maximum claim amount.

So, for a 70-year-old with a home appraised at $500,000 and assuming the HECM lending limit doesn't come into play:

Maximum Claim Amount: $500,000
Estimated Age Factor for a 70-year-old: Let's use an illustrative 50%
Maximum Loan Amount (before debt): $500,000 * 50% = $250,000

If there's an existing mortgage balance of $75,000, it would be deducted:

Actual Principal Limit: $250,000 - $75,000 = $175,000

This $175,000 is the *maximum* amount available. How you receive these funds—as a lump sum, monthly payments, a line of credit, or a combination—is another important decision.

How Funds Are Disbursed: Options for a 70 Year Old

Once your principal limit is determined, you have several options for how to receive the money. This flexibility is one of the major advantages of reverse mortgages, allowing you to tailor the payout to your specific needs. For a 70-year-old, these options can provide crucial liquidity for various retirement expenses.

1. Monthly Cash Payments (Tenure or Term)

You can elect to receive a fixed amount of money each month for as long as you live in the home (tenure plan) or for a set period of time (term plan).

Tenure: This provides the most stable, long-term income stream. The monthly payment amount is calculated based on the loan amount, your age, and the expected remaining duration of your stay in the home. It's like a guaranteed income stream.
Term: With this option, you receive fixed monthly payments for a predetermined number of years. This might be suitable if you anticipate other income sources becoming available later in retirement or if you need funds for a specific duration.

2. A Line of Credit

This is a very popular option, especially for those who want flexibility. A line of credit allows you to draw funds as needed, up to the maximum available amount. The unused portion of the line of credit grows over time, earning interest. This growth means that even if you don't draw funds immediately, your available credit line increases. For a 70-year-old, this can be invaluable for unexpected expenses or for supplementing income during fluctuating market periods.

Key Advantage: The interest accrues only on the amount you actually borrow, not on the entire credit line. This makes it an efficient way to manage funds. Many homeowners use the line of credit for home repairs, medical bills, or to have a financial cushion.

3. A Lump Sum Payment

You can choose to receive a portion or all of the available principal limit as a lump sum upfront. This is often used to pay off existing debts, such as a traditional mortgage, or to make a significant purchase. However, it's important to note that receiving a large lump sum means you will pay interest on that entire amount from the beginning, which can reduce the total amount of money available to you over the life of the loan.

4. A Combination of Options

You can also combine these options. For example, you might take a small lump sum to pay off a car loan, receive a reduced monthly payment, and keep the remainder available as a line of credit. This offers maximum flexibility.

What About Proprietary (Jumbo) Reverse Mortgages?

For homeowners with exceptionally high-value properties, a standard HECM might not allow them to access the full extent of their equity. This is where proprietary reverse mortgages, often called jumbo reverse mortgages, come into play. These are private loan products offered by financial institutions, not insured by the FHA. They are designed to cater to borrowers with homes valued above the HECM lending limit.

When to Consider a Jumbo Reverse Mortgage

If your home is appraised at more than $1,149,825 (the 2026 HECM limit), a jumbo reverse mortgage might be your best option to tap into a larger portion of your equity. These products can have higher borrowing limits, sometimes extending to $3 million or more, depending on the lender and the value of your home.

Key Differences and Considerations

Higher Loan Limits: The most obvious difference is the ability to borrow more.
Age Requirements: While HECMs have a minimum age of 62, some proprietary products may have slightly different age requirements. However, for a 70-year-old, age is generally not a barrier to these products.
Fees and Costs: Proprietary products may have different fee structures than HECMs. It's crucial to compare these carefully. Some may have higher upfront costs, while others might have different interest rate structures.
Product Variety: There's a wider range of options with proprietary loans, which can be both an advantage (more customization) and a disadvantage (more complex to navigate).
Lender Specifics: Each lender offering proprietary reverse mortgages will have its own set of rules, underwriting criteria, and loan products.

For a 70-year-old with a million-dollar-plus home, exploring jumbo reverse mortgages alongside HECMs is a wise step to understand the full spectrum of their borrowing potential.

The Mandatory Counseling Requirement

Before you can even apply for a HECM reverse mortgage, you are required by the U.S. Department of Housing and Urban Development (HUD) to receive counseling from an independent, HECM-approved housing counselor. This is a vital step designed to protect you, the borrower.

What Happens During Counseling?

The counselor will:

Explain how a reverse mortgage works in detail.
Discuss the costs, fees, and financial implications.
Review your eligibility requirements.
Go over the different payout options.
Help you understand your obligations as a borrower (e.g., maintaining the home, paying property taxes and homeowners insurance).
Explain the impact on heirs.
Compare the reverse mortgage to other financial options.
Answer all your questions in an unbiased manner.

This counseling session typically lasts about an hour. You'll receive a certificate of completion, which you'll need to submit with your loan application. The counselor does not sell you a loan; their sole purpose is to ensure you fully understand the product and its suitability for your situation. I’ve always advised clients to come prepared with questions, and to take notes. It’s a lot of information to absorb, and having a trusted advisor guide you through it is invaluable.

Who Qualifies for a Reverse Mortgage at 70?

Beyond the age and property value factors, there are other eligibility criteria you'll need to meet. These are designed to ensure that the loan is a sustainable option for you.

Key Eligibility Criteria for a 70-Year-Old

Age: You must be at least 62 years old. At 70, you comfortably meet this requirement.
Homeownership: You must own your home outright or have a significant amount of equity. The home must also be your principal residence.
Property Type: The home must be a one- to four-unit dwelling, a condominium, or a manufactured home that meets FHA standards.
Financial Solvency: You must demonstrate that you can continue to pay property taxes, homeowners insurance, and maintain the home. Lenders will often review your financial assessment to ensure you have the ability to cover these ongoing obligations. This is a critical component, especially if you are looking to receive regular monthly payments.
Mortgage Balance: If you have an existing mortgage, the reverse mortgage proceeds will first be used to pay it off. The remaining equity will then determine the loan amount.

The financial assessment is particularly important. Lenders want to ensure that taking out a reverse mortgage doesn't put you in a precarious financial situation regarding your ability to cover essential homeownership costs. They'll look at your income, assets, and credit history.

Common Misconceptions About Reverse Mortgages

There are many myths surrounding reverse mortgages, and it's crucial to address them to get a clear understanding of how they work. For a 70-year-old, debunking these misconceptions is vital for making an informed decision.

Myth 1: You Lose Ownership of Your Home

Fact: You retain ownership of your home. You remain on the deed, just as you were before. The lender places a lien on the property to secure the loan, but ownership rests with you. Your heirs will inherit the home, subject to the reverse mortgage balance.

Myth 2: Your Heirs Will Owe More Than the Home is Worth

Fact: HECMs are "non-recourse" loans. This means that the amount owed can never exceed the value of the home when the loan is repaid. If the loan balance at the end is more than the home's sale price, the FHA insurance covers the difference. Your heirs will not be personally liable for any shortfall.

Myth 3: You Can't Sell Your Home or Leave It to Your Heirs

Fact: You can sell your home at any time. If you do, the loan must be repaid from the sale proceeds. If you pass away, your heirs can choose to repay the loan and keep the home, or sell the home to repay the loan. If they do not wish to repay the loan and keep the home, they can sell it, and any remaining equity after the loan is repaid will go to them.

Myth 4: It's a Scam or Too Risky

Fact: HECMs are federally insured and regulated by HUD, providing significant consumer protections. While they are complex financial products with associated costs, they are legitimate tools for seniors to access their home equity. The mandatory counseling ensures borrowers understand the risks and benefits.

Myth 5: You Can't Get Other Financial Assistance If You Have a Reverse Mortgage

Fact: This is generally not true. Having a reverse mortgage generally does not affect your eligibility for Social Security, Medicare, or most other government benefits. However, it could potentially impact needs-based programs like Medicaid or Supplemental Security Income (SSI), depending on how the funds are used. It's always wise to check with the specific program administrator.

The Process of Obtaining a Reverse Mortgage at 70

Navigating the process of getting a reverse mortgage can seem daunting, but it’s a structured journey with distinct stages. For a 70-year-old, understanding these steps can make the experience smoother.

Step-by-Step Guide

Initial Research and Education: Begin by learning about reverse mortgages. Websites like HUD.gov and consumer finance sites offer good starting points. Understand the basics, the types of products, and the pros and cons.
Mandatory Counseling: Schedule and attend your HECM counseling session with an independent, HUD-approved counselor. This is a non-negotiable step for HECMs.
Choose a Lender and Loan Product: Based on your research and counseling, select a reputable lender and the type of reverse mortgage that best suits your needs (HECM or proprietary).
Application: Complete the loan application. This will involve providing personal, financial, and property information.
Home Appraisal: The lender will order an appraisal of your home to determine its current market value.
Financial Assessment: The lender will conduct a financial assessment to verify your ability to meet ongoing obligations like property taxes and insurance.
Loan Underwriting: The lender reviews all the documentation and your application to ensure you meet all the FHA or proprietary product requirements.
Loan Approval and Closing: Once approved, you'll attend a closing meeting, similar to other real estate transactions. You'll sign all the necessary loan documents.
Right of Rescission: You have a three-day right of rescission period after closing during which you can cancel the loan without penalty.
Fund Disbursement: After the rescission period, the loan funds will be disbursed according to the payout option you selected.

It’s important to note that this process can take anywhere from a few weeks to a couple of months, depending on the efficiency of all parties involved and the complexity of your financial situation.

Costs Associated with a Reverse Mortgage

Like any financial product, reverse mortgages come with associated costs. Transparency about these fees is crucial for a 70-year-old to fully understand the net proceeds they will receive. These costs are often financed as part of the loan, meaning they are deducted from your available loan amount.

Typical Costs Include:

Origination Fees: These are charged by the lender for originating the loan. For HECMs, these are regulated by the FHA and are typically a percentage of the home's appraised value or the HECM lending limit, whichever is less, with a cap.
Mortgage Insurance Premiums (MIP): For HECMs, MIP is required by the FHA. There's an upfront MIP, usually 2% of the home's value or the lending limit, and an ongoing annual MIP, which is 0.5% of the outstanding loan balance. This insurance protects the borrower and the lender.
Servicing Fees: These cover the costs of managing your loan account, including sending statements and processing payments.
Appraisal Fee: For the professional appraisal of your home.
Title Insurance and Escrow Fees: Standard closing costs associated with real estate transactions.
Recording Fees: Paid to local government to record the mortgage lien.
Interest: While not an upfront fee, interest accrues on the loan balance over time, and this is a significant cost of the reverse mortgage.

The total upfront costs for a HECM can be substantial, but they are often financed into the loan, meaning you don't pay them out-of-pocket at closing. It’s imperative to discuss these fees thoroughly with your lender and counselor.

Frequently Asked Questions for a 70-Year-Old Considering a Reverse Mortgage

Here are some common questions that 70-year-old homeowners often ask, along with detailed answers to provide clarity and confidence.

Q1: How much will I actually receive if my principal limit is $200,000?

A1: This is an excellent question because the principal limit is the *maximum* amount you can borrow, not necessarily what you will receive in cash. First, any existing mortgage balance on your home will be paid off from this principal limit. For example, if you have $50,000 remaining on your current mortgage, that will be deducted.

Then, the upfront costs and fees associated with the reverse mortgage (origination fees, upfront mortgage insurance, appraisal, title, etc.) will also be deducted. These costs can be significant, often totaling several thousand dollars or more, depending on the loan amount and your home's value. So, if your principal limit is $200,000 and you have a $50,000 mortgage balance, and say $10,000 in upfront fees and closing costs, the net amount available to you for your chosen payout option (lump sum, line of credit, monthly payments) would be approximately $140,000 ($200,000 - $50,000 - $10,000).

It’s crucial to work with your loan officer and counselor to get a detailed breakdown of these costs and understand precisely how much cash you will have available after all deductions. This figure will then be used to determine your monthly payments or the size of your line of credit.

Q2: Will a reverse mortgage affect my Social Security or Medicare benefits?

A2: Generally speaking, receiving funds from a reverse mortgage will *not* affect your eligibility for Social Security or Medicare. Social Security is based on your earnings history, and Medicare is an entitlement program based on age or disability. The money you receive from a reverse mortgage is considered loan proceeds, not income, and therefore typically doesn't count as income for these programs.

However, it's a different story for needs-based government programs like Medicaid or Supplemental Security Income (SSI). If you are receiving benefits from these programs, the reverse mortgage proceeds might be counted as assets or income, depending on how you receive and use the funds. For instance, if you receive a lump sum and don't spend it within the same calendar month, it could be counted as an asset and potentially affect your eligibility. If you receive monthly payments, they may be counted as income. It is *essential* to consult with a financial advisor or the agency administering your specific needs-based program to understand the precise impact. Your HECM counselor can also provide guidance on this topic.

Q3: Can my spouse stay in the home if I pass away or move out?

A3: Yes, this is a critical consideration, and for HECM reverse mortgages, there are provisions for a non-borrowing spouse to remain in the home. If your spouse is not listed as a co-borrower on the reverse mortgage, they are considered a "non-borrowing spouse." To remain in the home after the borrowing spouse dies or permanently moves out, the non-borrowing spouse must meet certain conditions:

They must have been married to the borrower at the time the loan was made.
They must have lived in the home as their principal residence.
They must be named on the title to the property or become obligated to pay the loan.
The borrower must have informed the lender that there was a non-borrowing spouse.
There must be a legal agreement for the non-borrowing spouse to continue living in the home.

If these conditions are met, the non-borrowing spouse can continue to live in the home without having to repay the loan as long as they continue to pay property taxes, homeowners insurance, and maintain the home. The loan generally becomes due when the last surviving borrower permanently leaves the home. It's vital that this is discussed and documented with the lender during the application process to ensure the non-borrowing spouse's rights are protected.

Q4: How is the loan repaid? What happens to my heirs?

A4: The reverse mortgage is repaid when the last surviving borrower permanently moves out of the home, sells the home, or passes away. At that point, the loan balance, which includes the principal borrowed, accrued interest, and ongoing fees and mortgage insurance premiums, becomes due and payable. Typically, the home is sold to repay the loan. If the sale proceeds are more than the loan balance, the remaining equity goes to the borrower's estate or heirs.

As mentioned before, HECM reverse mortgages are non-recourse loans. This means that your heirs will never owe more than 95% of the home's appraised value at the time of the last borrower's death or departure, even if the loan balance has grown larger. If the loan balance exceeds the home's value, the FHA insurance covers the difference, and the heirs are not personally liable for the shortfall. They have the option to either sell the home to pay off the loan or pay 95% of the appraised value to keep the home if they wish to do so, and they can do this even if the loan balance is higher.

Q5: Can I still borrow money after I get a reverse mortgage?

A5: Yes, it is possible, but it depends on how you structure your reverse mortgage payout. If you choose to receive your funds primarily through a line of credit, you will have access to the remaining unused portion of that credit line. This provides a flexible financial resource for future needs. The unused portion of the line of credit grows over time at a rate determined by the loan terms, so your available credit can increase.

If you opt for a lump sum or a fixed monthly payment plan, a significant portion, or all, of the available funds may be disbursed upfront. In such cases, there would be little or no remaining credit line available. It's generally not possible to take out a *new* loan against the same home to supplement your reverse mortgage funds, as the reverse mortgage lender will have a first lien on the property. However, depending on your overall financial situation, you might have other assets or investments that could provide additional liquidity.

Concluding Thoughts on Borrowing Power for a 70-Year-Old

For a 70-year-old, a reverse mortgage can be a powerful tool to unlock home equity and enhance financial security in retirement. The question of "how much can a 70-year-old borrow on a reverse mortgage" doesn't have a single, simple answer, but it is determined by a clear set of factors: your age, your home's value, current interest rates, and the type of reverse mortgage product you choose. Generally, the older you are, the more equity you have, and the lower the interest rates, the higher the principal limit will be.

Understanding the calculation, the payout options, the costs, and the eligibility requirements is paramount. The mandatory counseling session is a crucial step designed to ensure you have all the information needed to make a sound decision. While the process involves several steps and considerations, for many 70-year-old homeowners, the ability to access tax-free cash without monthly mortgage payments can provide significant peace of mind and improved quality of life. It’s about making your home equity work for you, allowing you to enjoy your retirement years with greater financial flexibility.

If you are a 70-year-old considering a reverse mortgage, my advice is to start with education, speak with a HUD-approved counselor, and then engage with several reputable lenders to compare offers and understand your specific borrowing potential. By doing your due diligence, you can confidently determine if a reverse mortgage is the right financial strategy for you.