Connecticut Reverse Mortgages

A Connecticut reverse mortgage can help you achieve the financial freedom you deserve while living in the state you love.

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How a Reverse Mortgage Works in Connecticut

HECM loans — Home Equity Conversion Mortgages — administered through the FHA are a safe and effective way for retirees to supplement retirement cash flow. They allow eligible Connecticut homeowners to tap into a portion of their home equity (the portion of your home’s value that you own), providing proceeds that can be used to cover a range of retirement expenses.  

Proceeds received from a CT reverse mortgage can be used for a number of options, like the following:

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Add a supplemental source of income alongside fixed income like Social Security or pensions
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Cover medical bills and regular copays and deductibles
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Pay for daily costs like groceries, home goods, and more
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Fund home repairs, renovations, and accessibility improvements
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Fuel retirement fun, like hobbies, leisure time, and vacations

Constitution State residents that are interested in finding out more about this source of retirement income can visit GoodLife’s reverse mortgage guide. The free download explains everything you need to know about the HECM program — plus, if you still have questions, you can always reach out to one of our Reverse Mortgage Specialists.

To learn more about the structure of a reverse mortgage in Connecticut, download GoodLife’s reverse mortgage guide.


Reverse Mortgage Qualifications & Requirements

The Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA) insure and oversee the HECM program. Due to the nationwide nature of the federal regulations issued by those two administrations, requirements for borrowers are similar across state lines, including in Connecticut. They include:
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Borrowers must be at least 62 years of age
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Borrowers must have substantial equity in their home
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Borrowers must meet with a HUD-approved third-party counselor
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Borrowers must occupy the property as their primary residence
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Borrowers must be current on debts and other financial obligations
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Borrowers are required to maintain their home to all FHA standards

If you’re curious whether you qualify, be sure to read the reverse mortgage eligibility page to better understand the requirements and how they may apply to your specific financial situation. If you still have questions, you are always free to reach out to a GoodLife Reverse Mortgage Specialist, who will be happy to help.

Do you qualify for a Connecticut reverse mortgage?


Connecticut Reverse Mortgage Calculator

Check out our reverse mortgage calculator for a free estimate of how much home equity you may be able to access to increase your cash flow.


Connecticut Reverse Mortgage Process

When you work with GoodLife, you benefit from our quick, painless reverse mortgage application process. In just 4 simple steps, you can be on your way to receiving the funding you need, so you can focus on what makes you happy in retirement. Here’s what the process entails:


First, you can start by reading the information on our site, and speaking with a Reverse Mortgage Specialist to find out everything you need to know about HECM loans.


Next, the FHA mandates that all HECM applicants meet with a HUD-approved counselor. The counselor must be third-party, to help you make the most informed decision you can.


After being okayed by the counselor, you will be able to apply for the loan. During this phase, an FHA-approved appraiser will come to value your home and ensure compliance.


Once your application is approved, you can begin to receive funding either as a lump sum, monthly payments, or as a line of credit.

Reverse Mortgages in Connecticut: FAQs

What if I still have an existing mortgage?

Connecticut borrowers who still owe money on a mortgage are eligible to apply for a HECM loan. However, you must still own significant equity in the home in order to be considered eligible — usually over 50%. Note as well that reverse mortgage proceeds will first go toward paying off the home before being disbursed as cash or credit to you.

Are there monthly payments required on a CT reverse mortgage?

Monthly payments are not due on a CT reverse mortgage. Reverse mortgages only become due and payable after a maturation event, such as the death of the borrower or the borrower moving out of the home. Once the loan matures, either the borrower or their heirs will be responsible for the loan or the value of the home, whichever is less.

Which properties in Connecticut qualify for a reverse mortgage?

Whether you live in Hartford, New Haven, or somewhere in the famous New England countryside, we are committed to helping you finance your reverse mortgage. The following properties are considered eligible:

  • Single-family homes 
  • Townhomes
  • FHA-approved condominiums
  • Two- to four-unit properties

Note that properties with more than four units are considered commercial, and so are ineligible. HECM guidelines also maintain that borrowers live in the home as their primary residence throughout the term of the loan.

For more information on Connecticut reverse mortgages, refer to GoodLife’s informative reverse mortgage FAQ. You can also contact one of our Reverse Mortgage Specialists to find out more.

Download the Reverse Mortgage Guide

Fill out the form to download our comprehensive GoodLife Guide to Reverse Mortgages or call to speak with a GoodLife Specialist!

Download Your Free Guide Today

Check out our blog to learn more about how you can live The GoodLife in Retirement.


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