You’ve lived in your Holly Springs home for years, raised your family, planted roots, and now most of your mortgage is paid off. You’re sitting at the kitchen table with your morning coffee, wondering if the house could do more than just give you a place to live. Could it help fund your retirement, too?
That’s where reverse mortgages come into the conversation. And while they’re not the right fit for everyone, they can be a powerful financial tool when used wisely.
What exactly is a reverse mortgage?
In simple terms, a reverse mortgage allows homeowners to turn home equity into cash without making monthly mortgage payments. Instead of you paying the lender, the lender pays you. The most well-known version is the Home Equity Conversion Mortgage (HECM), which is federally insured and available starting at age 62.
But some private lenders now offer reverse mortgage programs for homeowners who are 55+, which opens the door a bit earlier.
How much can you actually get from a reverse mortgage?
The amount depends on your age, your home’s value, and interest rates. The older you are, the more you’re eligible to borrow.
According to the Department of Housing and Urban Development (HUD), a 62-year-old borrower might access roughly 37.6% of their home’s value in 2025, while someone at 80 could qualify for 50% or more. Proprietary jumbo reverse mortgages, available to homeowners 55+, can offer even higher limits, sometimes up to $4 million in loan value.
That means if you own a high-value property in Holly Springs’ 12 Oaks or Fuquay-Varina’s Bentwinds neighborhood, for example, a jumbo reverse mortgage may open options that the standard HECM won’t.
Pros of a reverse mortgage
- No monthly mortgage payments: As long as you live in the home and keep up with taxes, insurance, and upkeep
- Flexible payouts: Lump sum, monthly payments, or a growing line of credit you can tap later
- Stay in your home: You don’t have to sell to access equity
- Extra income stream: Useful for covering everyday expenses, medical bills, or even travel
Cons to keep in mind
- Costs and fees: Upfront mortgage insurance (for HECM) and closing costs can be higher than those of a traditional mortgage
- Equity decreases: Because you’re borrowing against your home, it may reduce what you leave to heirs
- Property rules: You’ll need to keep the home as your primary residence and stay current on taxes and insurance
You may also be interested in: Top Home Features Over 55s Should Look For When Buying a New Home
Who might benefit most from a reverse mortgage?
A reverse mortgage for 55 and older could make sense if:
- You plan to stay in your home long-term
- You’re house rich, cash poor, and want to ease monthly expenses
- You’d like extra funds to enjoy retirement—think traveling, spoiling grandkids, or investing in hobbies
For many retirees, the decision comes down to lifestyle. Do you want to age in place in the community you love, or is downsizing to a 55+ community a better fit?
You may also be interested in: Discover the Best 55+ Communities in Wake County, NC
Local insight on reverse mortgages in Southern Wake County
The Triangle has seen rapid growth, with Holly Springs’ population increasing steadily over the last few years. That means homes in this area have appreciated significantly, giving homeowners more equity to work with.
In Wake County as a whole, the median home value has climbed from $350,000 in August 2020 to $490,000 in August 2025, making reverse mortgages an increasingly relevant option for retirees weighing whether to stay put or unlock equity.
A reverse mortgage isn’t a one-size-fits-all solution
It’s a tool, and like any tool, it works best when used for the right job. I specialize in helping 55+ homeowners and buyers make smart housing decisions in Holly Springs, Apex, Fuquay-Varina, and beyond. From walking you through complex mortgage options to finding the perfect 55+ community, I’m here to simplify the process. I promise clear advice, local expertise, and a genuinely tailored approach, so don’t hesitate to reach out if you need help.
FAQs about reverse mortgages for 55+ homeowners
What is the minimum age for a reverse mortgage?
The traditional HUD-backed HECM requires you to be at least 62. But some lenders now offer a reverse mortgage for 55 and older through proprietary (private) programs.
How much money can I get with a reverse mortgage?
It depends on your age, home value, and interest rates. Generally, the older you are, the more you qualify for. A reverse mortgage for 55 and older may have different loan-to-value limits than the standard HECM.
Do I lose my home if I take out a reverse mortgage?
No, you remain the homeowner. As long as you live in the home, keep up with property taxes, insurance, and maintenance, you can stay in your house.
Is a reverse mortgage a good idea in Holly Springs, Apex, or Fuquay-Varina?
For many 55+ homeowners in Southern Wake County, rising property values mean more equity to tap into. A reverse mortgage for 55 and older can provide extra cash flow without selling your home, making it worth considering if you want to age in place locally.
Can a reverse mortgage affect what I leave to my kids?
Yes. Because you’re borrowing against your equity, it may reduce the inheritance your heirs receive. But for many, the financial freedom it provides now is worth the trade-off.