Use the equity in your Portland 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 Portland, 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 Portland 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 Portland reverse mortgage can benefit you.
Benefits of a Portland 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 Portland 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 Portland?
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
Portland, Maine Reverse Mortgage Snapshot (2025)
17% of Portland residents are aged 65 or older, aligning with the national average
Median home value is approximately $573,829, with a 1.1% increase over the past year
Median sale price in April 2025 was $595,000, representing a 16.5% year-over-year decrease
75.5% of Maine households are owner-occupied
Average retirement income per household in Portland is $19,732
Cost of living index is 112.5, or 12.5% higher than the national average
The median age of homes in Portland is 74 years, indicating substantial equity for long-time owners
Why a Portland, Maine Reverse Mortgage Makes Sense
With a sizable senior population, strong homeownership rate, and mature housing stock, many Portland homeowners are house-rich but cash-poor. A Portland, Maine Reverse Mortgage helps eligible seniors:
Convert home equity into tax-free cash without selling
Eliminate monthly mortgage payments
Remain in their Portland home while increasing financial flexibility
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 Portland home's value, interest rates, and the FHA lending limit—$1,209,750 in 2025. Older homeowners in Portland 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 Portland. 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 Portland 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 Portland—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 Portland.
Costs may include loan origination, FHA mortgage insurance, closing fees, and servicing charges. Most of these can be financed into the loan, so Portland homeowners rarely pay them upfront.
Upon your death, the loan becomes due. Your heirs can choose to repay the loan and keep the Portland home, or sell it and retain any remaining equity after the loan is settled.