Maryland Reverse Mortgages

A Maryland 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 MD

Maryland homeowners looking for a way to improve their financial freedom may be able to use a home equity conversion mortgage (HECM) to pursue the life they deserve. Often called a reverse mortgage, these loans allow borrowers to tap into a portion of home equity and convert it into tax-free cash proceeds. The funds can be used for a wide variety of expenses, such as:

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Supplementing retirement savings
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Deferring Social Security benefits
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Covering food, utilities, and other costs of living
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Helping to pay for medical expenses
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Financing home renovation and repair
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Funding leisure, travel, and hobbies

GoodLife’s reverse mortgage guide contains more information on how the HECM program works, so you can feel confident about the decision you make for your financial future.

To learn more about the structure of a reverse mortgage in Maryland, download GoodLife’s reverse mortgage guide for additional information.


Reverse Mortgage Qualifications & Requirements

The HECM program is government-regulated, insured by the Federal Housing Administration (FHA), and overseen by the Department of Housing and Urban Development (HUD). Reverse mortgages in Maryland must therefore comply with the federally-imposed regulations.

According to the HUD, HECM loan applicants must meet these requirements:

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Borrowers must be 62 years of age
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They must own substantial home equity
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The property must serve as the borrower’s primary residence
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All applicants must attend a HUD-approved counseling session
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The home must be kept up to FHA standards
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Applicants must be current on outstanding debts and financial obligations

Looking for more information? Read our guide to reverse mortgage eligibility. To better understand your specific situation, you can also speak with a GoodLife Reverse Mortgage Specialist.

Do you qualify for a Maryland reverse mortgage?


Maryland Reverse Mortgage Calculator

Our reverse mortgage calculator can give you a free estimate of how much home equity you may be able to access to increase your cash flow.


Maryland Reverse Mortgage Process

Before you can receive reverse mortgage loan proceeds, borrowers must complete the reverse mortgage application process. GoodLife follows a simple, four-step model:


First, a reverse mortgage specialist will explain Maryland reverse mortgages and discuss the terms of your loan — we will also help to determine whether a HECM is the wisest option for your financial situation.


Second, as previously mentioned, all reverse mortgage applicants are required to attend a HUD-approved counseling session. This ensures that a third-party authority has provided all the necessary information for applicants.


Once you’ve met with the HUD-approved counselor, you can move on to your application. During this phase, an FHA appraiser will also visit the property to ensure it complies with FHA guidelines, and to value the home.


After this stage, the application can be submitted, processed, and approved. If your application is approved, you may choose to receive your loan proceeds as a lump sum, a line of credit, or in monthly installment.

Reverse Mortgages in MD: FAQs

How are reverse mortgages calculated?

Three factors will play into the value of your HECM loan: 1) the youngest borrower’s age; 2) the property’s appraised value; 3) current interest rates.

How are interest rates determined?

Interest rates can vary depending on current conditions. An individual borrower’s rate can also be fixed or variable. During the application process, your reverse mortgage lender will use an index and margin to determine the appropriate rate for your loan.

Do you make monthly payments on a reverse mortgage?

No, borrowers do not have to repay their reverse mortgage loan until it reaches maturity and becomes Due and Payable, but you can make monthly payments to the balance and interest if you choose without a prepayment penalty. However, you are required to pay mortgage insurance and property taxes to stay current on the loan.

Curious to learn more? Refer to GoodLife’s informative reverse mortgage FAQ. You can also contact one of our Reverse Mortgage Specialists to find out more about how you can apply for an MD reverse mortgage and live the GoodLife in retirement.

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!

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