Use the equity in your Lewiston home!
A Home Equity Conversion Mortgage (HECM), the most common type of reverse mortgage, is a federally insured loan designed for homeowners who are 62 years or older. If you own a home in Lewiston, a reverse mortgage lets you tap into your home's equity without selling your property or taking on monthly mortgage payments.
In 2025, the FHA lending limit was raised to $1,209,750, giving Lewiston homeowners greater access to their built-up equity. Whether you need a lump sum, monthly income, or a line of credit, a reverse mortgage may be a flexible solution to support retirement, manage expenses, or improve your lifestyle.
Contact us today for a free consultation to learn how a Lewiston reverse mortgage can benefit you.
Benefits of a Lewiston Reverse Mortgage
Homeowners must be 62 years or older
Receive funds as a lump sum, monthly payments, line of credit, or a combination
No monthly mortgage payments required
You retain full ownership of your Lewiston home
Line of credit grows over time if unused
Spousal protections available
2025 FHA lending limit: $1,209,750
Who May Apply for a Reverse Mortgage in Lewiston?
A reverse mortgage is available to qualified homeowners who meet the following:
Are 62 years of age or older (55+ for some private programs)
Own their home outright or have substantial equity
Use the home as their primary residence
Live in an eligible property type: single-family, condo, or manufactured home
Can continue to pay taxes, insurance, and maintain the property
Complete counseling with a HUD-approved agency
The loan is considered “reverse” because instead of paying the lender each month, the lender pays you. Repayment is deferred until you move, sell the home, or pass away.
Ways to Receive Your Funds
Lump Sum: One-time payment at closing
Monthly Payments: Tenure (for life) or fixed term
Line of Credit: Withdraw as needed—grows over time
Combination: Customize your payout structure
Important Considerations
You must keep up with property taxes, insurance, and maintenance
Loan becomes due when you move, sell, or pass away
Heirs may repay the loan and keep the home, or sell it and retain any equity
Reverse mortgage proceeds are not taxable income
Costs may include closing fees, FHA mortgage insurance, and servicing fees
Lewiston, Maine Reverse Mortgage Snapshot (2025)
About 18.2% of Lewiston residents are aged 65 or older
The average Lewiston home value is approximately $297,960, a 0.9% increase year over year
August 2025 median sale price was about $320,000, up 3.7% year over year
75.5% of Maine households are owner-occupied
Lewiston's cost of living runs about 6% higher than the U.S. average
The median construction year of Lewiston homes is 1957, highlighting strong equity potential for long-time owners
Why a Lewiston, Maine Reverse Mortgage Makes Sense
With a meaningful senior population, solid statewide homeownership, and an older housing stock, many Lewiston owners are house-rich yet cash-constrained. A Lewiston, Maine Reverse Mortgage helps eligible seniors:
Convert home equity into tax-free cash without selling
Eliminate monthly mortgage payments while keeping the title
Stay in their Lewiston home and increase financial flexibility for healthcare, inflation, or other needs
Common Questions About Tampa Reverse Mortgages
A reverse mortgage is a loan for homeowners aged 62 or older that allows them to convert a portion of their home equity into cash, without monthly mortgage payments. The most common type is the federally insured Home Equity Conversion Mortgage (HECM).
Instead of making monthly payments to a lender, the lender pays you. The loan is repaid when you move out, sell the home, or pass away. Interest and fees are added to the balance over time.
Eligibility includes being 62 or older, living in the home as your primary residence, owning the home (or having substantial equity), and completing HUD-approved counseling. You must also stay current on taxes and insurance.
The amount depends on your age, your Lewiston home's value, interest rates, and the FHA lending limit—$1,209,750 in 2025. Older homeowners in Lewiston typically qualify for larger amounts.
You may choose a lump sum, monthly payments (term or tenure), a line of credit, or a combination of these options.
Yes, you retain full ownership of your home in Lewiston. However, you must live in the property and continue paying property taxes, insurance, and for any upkeep.
The reverse mortgage becomes due when the home is no longer your primary residence—such as after you move out, sell the property, or pass away. Repayment is usually made through the sale of the home.
HECMs are non-recourse loans, so you or your heirs will never owe more than the market value of your Lewiston home at the time of sale.
Yes, through the HECM for Purchase program, which allows you to use reverse mortgage proceeds to buy a new primary residence in Lewiston—often without monthly payments.
Reverse mortgage proceeds don’t impact Social Security or Medicare. However, income-based programs like Medicaid or SSI may be affected, so it’s wise to consult an advisor in Lewiston.
Costs may include loan origination, FHA mortgage insurance, closing fees, and servicing charges. Most of these can be financed into the loan, so Lewiston homeowners rarely pay them upfront.
Upon your death, the loan becomes due. Your heirs can choose to repay the loan and keep the Lewiston home, or sell it and retain any remaining equity after the loan is settled.