I’m 72 and Own My Home Outright, I Almost Signed a Reverse Mortgage Until I Found This Instead

“Meet Joan, a retired teacher from Arizona. As she explored different ways to access her home equity, she discovered the right fit.”

By Joan S. ◦ June 12, 2025

Hi, I’m Joan and I Was This Close to Doing a Reverse Mortgage

I’m 72, retired, and have lived in the same home for over 30 years. It’s nothing fancy, but it’s mine. No mortgage, just a lot of memories, a little yard for my dog, and some creaky floorboards I’ve grown to love.

But like a lot of folks my age, retirement costs more than I expected. Between rising groceries, medical bills, and helping my grandson with college, my savings were thinning out fast.

So I started looking for options. That’s when the reverse mortgage ads started showing up on TV, in the mail, even my email.

They Make Reverse Mortgages Sound So Easy

“Use the equity in your home!”

“No payments ever!”

“Stay in your house for life!”

I thought, Why not? I wasn’t trying to live large, I just wanted to cover a few things and breathe a little easier.

So I called one of those companies.

Here’s What They Didn’t Mention in Their Reverse Mortgage Ads

The nice man on the phone gave me the basics, but when I read the documents… I got a pit in my stomach.

There were thousands in upfront fees.
My loan balance would grow every month, even if I didn’t touch the money.
If I didn’t keep up with property taxes or maintenance, I could lose the house.
And when I passed, my daughter might not inherit the home at all, just whatever was left after the lender took their share.

I didn’t like the idea of giving up control of the one thing I’d worked my whole life for…so I paused and tried to find a different option.

That’s When I Found Hometap.com

A friend from church mentioned something called Hometap, which offers a different approach to accessing home equity.

At first, I didn’t get it. No monthly payments? What’s the catch?

But I called them, and the woman I spoke with actually took the time to explain everything clearly.

Here’s What I Learned (and Why I Said “Yes”)

Hometap offers something called a Home Equity Investment (HEI). You receive a lump sum of money now in exchange for a share of your home’s future value when you sell or refinance down the line.

No monthly payments.
No risk of foreclosure if you fall behind on taxes.
And the fees? A fraction of what the reverse mortgage company quoted me.

The best part? I stay on the title. I keep the house. And I can pass it on.

Quick Comparison:

What I Used the Money For

I didn’t splurge. I…

Paid off a lingering medical bill
Helped my grandson with tuition
Fixed the AC before summer (thank goodness)
Set some aside (just to feel safer)

It gave me breathing room, not just financially, but emotionally.

If You’re Over 60 and Own a Home, Read This

Reverse mortgages aren’t evil, but they’re not for everyone. I almost signed without realizing how much I’d be giving up.

With Hometap, I didn’t feel rushed. I didn’t feel tricked. I felt like someone actually looked at my situation and said, Let’s find something that works for you.

If you’re sitting on home equity, I really recommend you look into Hometap. Not everyone will qualify, but many will.

No hard credit check. No pressure. Just honest options. It’s free to check →

Terms and conditions apply. Some applicants will not qualify. Not available in all states.

The Hometap family of companies utilizes Hometap Equity Partners, LLC and Hometap Homeownership Solutions, LLC to provide Hometap Home Equity Investments (HEI or HEIs). Each entity has the ability to enter into a HEI directly with the consumer:

Hometap Equity Partners, LLC dba Hometap. NMLS ID# 2467867 361 Newbury St, 5th Floor, Boston, MA 02115 NMLS Consumer Access

Hometap Homeownership Solutions, LLC dba Hometap. NMLS ID# 2819930 361 Newbury St, Office 450, Boston, MA 02115 NMLS Consumer Access

Hometap Real Estate Equity Partners, Inc. holds real estate brokerage licenses in certain states. California DRE #02191883

A Hometap HEI has a ten (10) year term, during which no monthly or recurring payments are required. Hometap records a lien against the property, in the form of a mortgage or deed of trust, to secure its interest. You may choose to settle the Investment at any time during the term without incurring any penalties by exercising an Owner Repurchase. If you do not settle the HEI by the expiration of the term, your Hometap HEI provider may exercise its right to acquire a percent ownership interest in the property and then work with you to sell the property. You may contact either Hometap entity at hello@hometap.com (for prospective or current applicants) or homeowners@hometap.com (for homeowners with an active HEI) for more information. Eligibility criteria are subject to change. For current criteria, please contact your Hometap HEI provider at (855) 223-3144 or visit www.hometap.com/faqs