Convert home equity to cash without a monthly mortgage payment — for homeowners 62 and older
Short answer: homeowners 62 and older with substantial equity can convert it to loan proceeds with no required monthly mortgage payment, as long as they keep paying property taxes, insurance, and upkeep and live in the home.
The Home Equity Conversion Mortgage (HECM) is the FHA's reverse mortgage program. It allows homeowners aged 62 or older to convert part of their home equity into loan proceeds with no required monthly mortgage payment. The loan is repaid when the borrower sells the home, moves out permanently, or passes away. HECMs are the only federally-insured reverse mortgages in the U.S.
Talk to us about HECM
Send your details and a licensed loan officer reviews your scenario. Florida and Colorado only.
1
Your info
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Loan details
Quick answer
How does an FHA HECM reverse mortgage work?
The FHA HECM reverse mortgage lets homeowners age 62 and older convert equity into loan proceeds with no monthly mortgage payment required. HUD-approved counseling is mandatory before application, the home must remain your primary residence, and you must keep taxes, insurance and maintenance current. The balance grows over time and becomes due when the last borrower leaves the home.
What this means for your mortgage
If you are 62 or older and equity-rich but cash-tight, a HECM can remove the monthly mortgage payment while you keep living in the home.
Reviewed by the licensed mortgage team at Simply Approved Mortgages · Last verified August 23, 2026 against HUD Handbook 4000.1
HUD-approved counseling is required before the application
No monthly principal and interest payment while the borrower occupies the home
Property taxes, insurance and upkeep remain the borrower's responsibility
Proceeds depend on age, home value, the HECM limit and expected rates
It is a non-recourse loan insured by FHA
FHA Loan Rates for HECM
Everything on this page about HECM comes back to one question: what does the loan actually price at? FHA pricing is set per scenario, so your credit profile, base loan amount, loan-to-value, property type, term and lock period all move the number you actually get. Run your scenario below and compare real FHA options side by side: note rate, provider APR, points or lender credit, and the payment that goes with each one.
Snapshot pricing unavailable
No current pricing snapshot — we never show sample rate figures.
Sample scenario: Florida primary residence, 30-year fixed FHA. Pricing is refreshed once every business day and can change between refreshes.
Loading the most recent FHA pricing snapshot…
Snapshot pricing is an example for the sample scenario described above. It is not a quote, an application, a pre-approval, a rate lock, an offer of credit or a commitment to lend, and it is not personalized to you.
APR is supplied by our pricing provider for the exact scenario priced. Other lender or third-party charges listed separately may not be reflected, and the final APR can change. Your final mortgage disclosures control.
A lender credit reduces eligible closing costs only. It cannot exceed those costs and is never cash back to the borrower.
Get my own FHA pricing
The three cards above are examples from the latest daily snapshot. Enter your own purchase price, down payment, credit score and location to see every eligible FHA option for your scenario, priced right now.
What is an HECM loan?
The FHA reverse mortgage — formally the Home Equity Conversion Mortgage, or HECM — lets homeowners aged 62 and older convert part of their home equity into cash without a monthly mortgage payment. The loan is repaid when the last borrower sells, moves out permanently, or passes away.
HECM is the only reverse mortgage insured by the federal government, which brings consumer protections private products do not: a mandatory HUD-approved counseling session, a non-recourse guarantee so heirs never owe more than the home is worth, and a financial assessment that confirms you can keep paying taxes and insurance.
How much you can draw depends on the age of the youngest borrower, current expected interest rates, and the lesser of your home value or the HECM lending limit. Proceeds can come as a lump sum, monthly tenure payments, a growing line of credit, or a mix.
HECM key features and benefits
No monthly mortgage payment (you still pay taxes, insurance, and upkeep)
Choose lump sum, monthly payments, line of credit, or a combination
Non-recourse loan — you (or your heirs) never owe more than the home is worth
FHA-insured, so payments continue even if the lender fails
2026 HECM lending limit: $1,249,125
Is a reverse mortgage the right choice for you?
Choose HECM if…
You are 62+ with significant equity and want to eliminate a monthly mortgage payment
You intend to stay in the home for the long term
You want a growing line of credit as a retirement safety net
You can comfortably keep up with taxes, insurance, and maintenance
Look at another option if…
You plan to move or sell within a few years — upfront costs will not pay off
Preserving maximum equity for heirs is your top priority
You are struggling to pay property taxes or insurance today
A smaller HELOC or downsizing would meet the same need for less cost
You need every dollar of available proceeds and a funded Life Expectancy Set-Aside would hold part of them back for taxes and insurance
The HECM package is lighter on income but heavier on property and counseling documentation.
Borrower
Photo ID and proof of age 62 or older for every borrower
Social Security card or number verification
HUD-approved counseling certificate
Award letters or statements for Social Security, pension, and retirement income
Two months of bank statements for the financial assessment
The most recent Life Expectancy Set-Aside (LESA) analysis, plus the signed borrower notice explaining it — required in the insurance-submission package under Handbook 4000.1 Update 18 (August 12, 2026)
Property
Current mortgage statement for any existing lien to be paid off
Homeowners insurance declarations page
Two years of property tax payment history
HOA or condo association statement if applicable
Trust documents if the home is held in a trust
Who an HECM loan is best for
Retirees 62+ who want to supplement retirement income, eliminate a mortgage payment, or age in place.
HECM requirements in 2026
All borrowers on title must be 62 or older
Home must be your primary residence
Must own home outright or have low remaining mortgage balance (paid off at closing)
Complete HUD-approved reverse mortgage counseling
Home must meet FHA property standards
Demonstrate ability to pay property taxes, insurance, and HOA fees
HECM pros and cons
What we like
No monthly mortgage payment required
Proceeds are loan advances, not income
Non-recourse — heirs never owe more than home value
Flexible payout options
Federally insured
Trade-offs to know
Upfront MIP (2%) and ongoing MIP (0.5% annual)
Closing costs are higher than a traditional mortgage
Loan balance grows over time as interest accrues
Reduces inheritance for heirs
Must maintain home, taxes, and insurance to avoid default
How an FHA HECM works
1
HUD-approved counseling
Every borrower completes an independent counseling session before an application can be taken.
2
Financial assessment
The lender reviews income, credit, and property charge history to confirm you can maintain taxes, insurance, and upkeep.
3
Life Expectancy Set-Aside (LESA) determination
The financial assessment produces a LESA analysis — money held back from your proceeds to pay property taxes and insurance. Under HUD Handbook 4000.1 Update 18 (August 12, 2026), the most recent LESA analysis and the borrower notice that explains it must be in the insurance-submission package. A LESA may be fully funded, partially funded, or not required.
4
Appraisal and principal limit
Your maximum draw is calculated from age, expected rate, and the lesser of value or the HECM limit.
5
Pay off any existing mortgage
Existing liens must be cleared with proceeds at closing; the remainder is yours.
6
Choose your payout
Lump sum, term or tenure payments, or a line of credit that grows over time.
7
Stay current on obligations
Keep paying property taxes, homeowners insurance, and HOA dues, and keep the home as your primary residence.
Typical HECM cost components
Illustrative only. Actual figures come from your loan estimate and the current expected rate.
Minimum age
62
Upfront MIP
2.0%
Of the maximum claim amount
Annual MIP
0.5%
On the outstanding balance
Origination fee
Capped by HUD
Counseling
$125–$200
HUD-approved agency
Monthly payment required
None
Taxes, insurance, and upkeep still required
How an HECM loan helps real borrowers
Illustrative examples built from published FHA rules to show how the math works. They are not customer stories, rate quotes, or guarantees — your numbers depend on credit, county limits, and pricing at the time you lock.
Retiree who is house-rich and cash-tight
The situation: A 72-year-old owns a $460,000 home with a $60,000 remaining mortgage and wants to eliminate the monthly principal-and-interest payment.
How the loan helps: A HECM pays off the existing mortgage first; the remaining principal limit can be taken as a line of credit or monthly draws. No monthly mortgage payment is required while the borrower lives in the home and keeps taxes, insurance, and maintenance current.
Home value
$460,000
Existing lien paid off
$60,000
Required monthly P&I after closing
$0
Minimum age
62
The outcome: Monthly cash flow improves immediately, with the loan repaid when the home is sold or the last borrower permanently leaves it.
There is also a HECM for Purchase option that lets a 62+ buyer purchase a new primary residence with a large down payment and no monthly mortgage payment. For younger family members buying with FHA, the FHA DPA Program can cover the 3.5% down.
Homeowners 62 or older with significant equity who occupy the home as their primary residence and can maintain taxes, insurance, and upkeep.
Can I lose my home with a HECM?
Only if you stop paying property taxes or homeowners insurance, let the home fall into disrepair, or stop living there as your primary residence.
Will my heirs owe money?
No. HECM is non-recourse — heirs can repay the balance or 95% of appraised value to keep the home, or sell and keep any remaining equity.
Is a HECM taxable income?
Reverse mortgage proceeds are loan advances, not income, so they are generally not taxable. Confirm with your tax advisor.
HECM frequently asked questions
Who qualifies for an FHA reverse mortgage?
Homeowners 62 or older with significant equity who occupy the home as their primary residence and can maintain taxes, insurance, and upkeep.
Can I lose my home with a HECM?
Only if you stop paying property taxes or homeowners insurance, let the home fall into disrepair, or stop living there as your primary residence.
Will my heirs owe money?
No. HECM is non-recourse — heirs can repay the balance or 95% of appraised value to keep the home, or sell and keep any remaining equity.
Is a HECM taxable income?
Reverse mortgage proceeds are loan advances, not income, so they are generally not taxable. Confirm with your tax advisor.
Do I still own my home?
Yes. You remain on title; the lender simply holds a mortgage lien.
What is HECM for Purchase?
It lets an eligible buyer purchase a new primary residence using a HECM plus a large down payment, with no required monthly mortgage payment afterward.
What is a Life Expectancy Set-Aside (LESA)?
A LESA is an amount held back from your HECM proceeds to pay property taxes and homeowners insurance over your expected life span. It comes out of the financial assessment and can be fully funded, partially funded, or not required. Since HUD Handbook 4000.1 Update 18 (August 12, 2026), the most recent LESA analysis and the borrower notice explaining it must be included in the HECM insurance-submission package. A funded LESA lowers the cash available to you but protects you from losing the home over unpaid property charges. This is educational information — Simply Approved Mortgages does not represent that it offers a HECM product until lender access and licensing are confirmed.
Who is eligible for a HECM?
Homeowners 62 or older with substantial equity in a principal residence, after completing HUD-approved counseling.
Is HUD counseling really required?
Yes. An independent HUD-approved counseling session is a condition of the program before an application can proceed.
Do I still own the home?
Yes. You remain on title. The loan becomes due when the last borrower permanently leaves the home or defaults on obligations.
What obligations remain?
Property taxes, homeowners insurance, any HOA dues, and maintaining the property. Failing to meet them can trigger default.
What is a LESA?
A Life Expectancy Set-Aside — funds held from the loan to pay taxes and insurance when the financial assessment indicates it is needed.
Can my heirs keep the house?
Heirs may repay the loan balance or 95% of appraised value, whichever is less, to keep the home, or sell and retain remaining equity.
Is a HECM non-recourse?
Yes. Neither you nor your heirs owe more than the home's value at sale when the loan comes due.
How are proceeds paid?
As a lump sum, term or tenure payments, a line of credit, or a combination, subject to program limits and first-year restrictions.
Simply Approved Mortgages is not affiliated with or endorsed by HUD, FHA, or any government agency.
Included with your FHA estimate
Get your FHA Pre-Approval Summary.
Complete the short form and we send back a full FHA breakdown: your county loan limit, the minimum FHA down payment, financed upfront MIP, monthly mortgage insurance, and an estimated payment — plus whether down payment assistance can cover your cash to close.
Maximum FHA loan amount for your county
Minimum FHA down payment and cash-to-close estimate
Upfront and annual MIP included
Estimated monthly payment with taxes and insurance
Takes about 3 minutes · No obligation · Summary emailed and shown on screen
Illustration only, generated from the information you enter. Not a Loan Estimate, pre-qualification, commitment to lend, or approval. Subject to appraisal, credit and income review, FHA guidelines, and final lender approval. Equal Housing Opportunity.
FHA Estimate Summary
Purchase price
$385,000
Down payment (3.5%)
$13,475
Base loan amount
$371,525
Financed UFMIP (1.75%)
$6,502
Est. monthly payment
Shown in your summary
Sample figures for illustration only — not a quote, rate lock, offer of credit or commitment to lend. Simply Approved Mortgages · NMLS #2620881 · Equal Housing Opportunity
Income documentation
Self-employed vs. W-2 employed: what it means for your FHA loan
The program you choose does not change how your income is documented — how you are paid does. FHA does not apply a different credit score, down payment or county limit to self-employed borrowers — it applies a different documentation standard.
FHA documentation differences between W-2 employed and self-employed borrowers
Item
W-2 employed
Self-employed
History required
Two-year employment history, with gaps explained. A job change inside the same field is usually fine.
Generally two years of self-employment. A shorter history can sometimes be considered when there is documented prior experience in the same line of work.
How income is calculated
Base pay from pay stubs and W-2s. Bonus, overtime and commission generally need a two-year history to be averaged in.
Net income from tax returns, averaged and adjusted for allowable add-backs such as depreciation. Write-offs that reduce taxable income also reduce qualifying income.
Documents that open the file
30 days of pay stubs, two years of W-2s, and a verification of employment.
Two years of personal and business returns, year-to-date P&L and balance sheet, and evidence the business is still operating.
Verification at closing
The employer is re-verified shortly before closing; do not change jobs mid-process without telling your loan officer.
Continued existence of the business is re-verified close to closing, typically through a third-party or licensing check.
Most common delay
Unexplained gaps, a new job with variable pay, or a VOE the employer never returns.
A declining year over year, or a large deduction that removes the very income needed to qualify.
What we suggest
Get the VOE moving on day one — it is the item most often outstanding at the end.
Have your accountant produce the year-to-date P&L before you shop, so qualifying income is known before you write an offer.
If you are W-2 employed
Pay stubs covering the most recent 30 days
W-2 forms for the last two years
A verification of employment; HUD Handbook 4000.1 Update 18 tightened the written and electronic VOE rules, so expect the employer record to be verified directly
Documentation of bonus, overtime or commission income if you want it counted
If you are self-employed
Two years of personal federal tax returns, all schedules
Two years of business returns for a partnership, S-corp or C-corp, plus K-1s
A year-to-date profit and loss statement and balance sheet
Business license, CPA letter or equivalent evidence the business is active
General FHA documentation guidance per HUD Handbook 4000.1, including Update 18 changes to written and electronic verification of employment. Requirements vary by borrower, property, lender and program, and all loans are subject to lender underwriting and approval. Sources: HUD Handbook 4000.1
Run the numbers for your county
FHA payment, affordability, closing cost and refinance calculators for the United States
Prefilled with the 2026 HUD reference median of $415,000 for the United States, a 0.90% effective property tax rate and a directional $2,300 annual homeowners premium. Change any input — the interest rate is your own assumption, not an offer.
Figures are illustrations based on the values you entered — not an offer, rate lock, or commitment to lend. Emailing your scenario sends it to a licensed loan officer in Florida or Colorado.
Estimates for general educational purposes only. Interest rates shown are assumptions you enter, not quoted rates, and nothing here is a rate lock, APR, payment quote, pre-approval, offer or commitment to lend. Results exclude HOA dues, flood or wind policies, mortgage insurance changes, points and lender-specific fees. FHA upfront MIP of 1.75% and annual MIP of 0.55% follow HUD Mortgagee Letter 2023-05 for a 30-year term at 3.5% down. Property tax and insurance inputs are directional state references, not a parcel-level bill. Eligibility, terms, conditions and availability vary by borrower, property, lender, loan program and state. All loans are subject to lender underwriting and approval. Equal Housing Opportunity. Sources: HUD Mortgagee Letter 2023-05 (MIP) · HUD Mortgagee Letter 2025-23 (2026 loan limits) · U.S. Census Bureau ACS · NAIC homeowners insurance · CFPB Closing Disclosure
Taxes, insurance and local expenses
What owning actually costs in the United States
Mortgage pricing moves the payment a little. Property tax and insurance move it a lot, and they are entirely local. These figures are built from the 2026 HUD county dataset for the United States and national tax and settlement conventions, reviewed August 23, 2026.
Estimated ownership costs in the United States on a $415,000 home
Cost
Estimate
How it works here
Property tax
$311 / mo
About 0.90% effective on $415,000 — roughly $3,735 a year. Millage is set locally, so verify the parcel's actual bill.
Homeowners insurance
$192 / mo
Directional $2,300 a year for a single-family owner policy in the U.S.. Wind, hail and flood may be separate policies.
FHA annual mortgage insurance
$184 / mo
0.55% of the $400,475 base loan at 3.5% down, 30-year term, per HUD Mortgagee Letter 2023-05.
FHA upfront MIP
$7,008
1.75% of the base loan, normally financed into the $407,483 total loan amount rather than paid in cash.
State transfer / documentary tax
Varies
Transfer, deed, recordation and mortgage taxes are set state by state — several states charge none at all.
Settlement convention
Title/escrow state
A title or escrow company customarily conducts the closing and issues the policy.
The expense buyers here miss most
Property tax and homeowners insurance vary far more between two states than mortgage pricing does — always re-price the escrow on the exact county before you write an offer.
How this affects the FHA file
Taxes and insurance are part of the qualifying payment, so a $503 escrow in your county consumes debt-to-income capacity before a single dollar of principal and interest is counted. Underwriting uses the post-closing figures, not the seller's current bill.
Estimates for general education only — not a quote, rate, APR, pre-approval, offer or commitment to lend. Property tax rates are effective rates derived from U.S. Census Bureau ACS data; actual millage is set by county, city, school and special districts. Insurance figures are directional annual premiums, not quotes. Transfer, deed, recordation and mortgage taxes summarise state-level statutes; counties and municipalities frequently add their own. Eligibility, terms, conditions and availability vary by borrower, property, lender, loan program and state, and all loans are subject to lender underwriting and approval. Sources: U.S. Census Bureau — ACS property tax data · NAIC Homeowners Insurance Report · CFPB — understanding closing costs
Simply Approved Mortgages Expert Insight
HECM commentary · Last reviewed August 23, 2026
HECM decisions should include the family
A HECM converts equity to income for borrowers 62 and older, with HUD-required counseling before application. Because the loan affects heirs and the property's future disposition, we encourage borrowers to include the people affected in the conversation early.
Our recommendation
Complete HUD counseling and involve your family before applying.
Ask SAM anything about FHA loans in the United States
SAM is the Simply Approved Mortgages AI assistant, grounded in HUD Handbook 4000.1 and the 2026 HUD county limit file. It answers general FHA questions instantly. A licensed loan officer reviews every scenario before any terms are confirmed.
Hi — I'm SAM. Ask me about FHA loan limits, credit, mortgage insurance, down payment assistance or what an underwriter will need from you. General education only: I don't quote rates, and nothing I say is an offer or commitment to lend.
Ask Simply AI provides general educational information about FHA loan programs. It is an automated assistant, may be incomplete or out of date, and does not provide legal, tax or financial advice. Nothing it produces is a rate quote, APR, pre-approval, offer or commitment to lend. Simply Approved Mortgages LLC (NMLS #2620881) arranges residential mortgage loans in Florida and Colorado. Eligibility, terms, conditions and availability vary by borrower, property, lender, loan program and state, and all loans are subject to lender underwriting and approval. Equal Housing Opportunity.
Where to go next
Continue with the FHA topic that matches where you are, or talk to a licensed loan officer about your own numbers.
Short on cash to close? Ask about the FHA DPA, offered through Simply Approved Mortgages: 2.5%, 3.5%, or 5% of your loan amount toward your down payment and closing costs, structured as a 10-year repayable second lien at your first-mortgage rate + 2%. FICO 580+, primary residence only — it's an option on every loan program on this site.
How it works
Three tiers. Real money toward your home.
2.5% / 3.5% / 5% of the lesser of purchase price or appraised value
Pairs with FHA, Conventional, VA, and USDA first mortgages
10-year repayable second lien — no silent forgivable strings
Not available in: New York, Washington, U.S. Virgin Islands, Guam, Northern Mariana Islands, and American Samoa. All loans subject to underwriting approval and program guidelines.
Amount calculator & eligibility checker
See how much assistance you may qualify for
Enter a purchase price, pick an assistance tier, and confirm property and residency. Results are illustrative — not a quote or commitment.
Simply Approved Mortgages DPA
DPA amount calculator & eligibility checker
Estimate 3.5% assistance on the lesser of price or appraisal, layered over a 30-year fixed FHA first mortgage.
Estimated DPA
$14,000
3.5% of $400,000
2nd-lien P&I
$174
10-yr · 8.500%
Amount calculator
Lesser of price or appraisal
$400,000
DPA at 3.5%
$14,000
2nd-lien term
10-year fixed, repayable
2nd-lien rate
8.500%
Monthly P&I
$174/mo
Illustrative only — not a quote, lock, offer, or commitment to lend. Binding figures appear only on your Loan Estimate and Closing Disclosure.
Eligibility checker
Documentable qualifying income?
Willing to complete homebuyer education before closing?
Property in NY, WA, USVI, Guam, MP, or AS?
Answer each question above to see your preliminary result.
Figures are illustrations based on the values you entered — not an offer, rate lock, or commitment to lend. Emailing your scenario sends it to a licensed loan officer in Florida or Colorado.
Preliminary self-check only — no credit pulled. Not a quote, lock, offer, or commitment to lend. Simply Approved Mortgages is not affiliated with HUD, FHA, VA, USDA, FHFA, or any government agency. Equal Housing Opportunity. NMLS# 2620881.
Our pricing philosophy
Transparency. Simplicity. Consumer Choice.
At Simply Approved Mortgages, we believe borrowers deserve clear information, professional guidance, and access to competitive mortgage solutions.
Our company is built around a straightforward philosophy: provide transparent mortgage guidance, maintain a consistent compensation structure on most transactions, and help borrowers make informed financing decisions based on their individual needs and goals.
For many mortgage transactions, Simply Approved Mortgages typically operates using a lender-paid compensation structure of approximately 1.50%. Actual compensation may vary based on lender requirements, loan program, state regulations, loan amount, and other transaction-specific factors.
We believe transparency helps consumers better understand the mortgage process and make informed decisions when comparing financing options.
Our promise
Mortgage financing should be understandable, transparent, and focused on helping consumers make informed decisions.
Our goal isn't to maximize compensation per transaction. Our goal is to build lifelong client relationships through transparency, service, and competitive mortgage solutions.
Why compensation transparency matters
Understanding all aspects of the financing process
Many borrowers spend significant time comparing interest rates, but may be less familiar with how mortgage companies and loan originators are compensated.
Compensation structures can vary among lenders, mortgage brokers, banks, credit unions, and other mortgage providers. Compensation is only one component of a mortgage transaction and should be evaluated alongside interest rates, APR, lender fees, discount points, closing costs, loan features, and overall loan suitability.
At Simply Approved Mortgages, we believe consumers benefit from understanding all aspects of the financing process before making a decision.
Interactive illustration
See how compensation scales by loan amount
Move the slider to compare a hypothetical 1.50% Simply Approved Mortgages compensation structure with a hypothetical 2.75% used by some other lending options. For educational purposes only.
$400,000
$50,000$2,000,000
Typical market comp at 2.75%$11,000
Simply Approved Mortgages at 1.50%$6,000
Potential closing cost difference
Hypothetical impact on lender compensation only
~$5,000
For illustration only. Figures are hypothetical and not a quote, offer, rate lock, or guarantee of savings. Lender compensation is one component of closing costs; actual loan terms, interest rates, fees, APR, and total costs vary by program, loan amount, credit qualifications, property, occupancy, state, and market conditions.
Illustrative compensation comparison
Comparing a hypothetical 1.50% to a hypothetical 2.75%
The example below compares a hypothetical 1.50% compensation structure used by Simply Approved Mortgages to a hypothetical 2.75% structure used by some other lending options, solely for educational purposes.
Loan Amount
Simply Approved Mortgages (1.50%)
Other lending options (2.75%)
Difference
$250,000
$3,750
$6,875
$3,125
$350,000
$5,250
$9,625
$4,375
$500,000
$7,500
$13,750
$6,250
$750,000
$11,250
$20,625
$9,375
$1,000,000
$15,000
$27,500
$12,500
These examples are illustrative only and are intended to demonstrate how different compensation percentages may produce different compensation amounts based on loan size.
These examples do not represent borrower fees, interest rates, APR, closing costs, loan terms, pricing, or savings, and should not be interpreted as a guarantee that any borrower will receive lower costs or better loan terms.
Our commitment to borrowers
Our goal is to provide
Professional mortgage guidance
Transparent communication throughout the loan process
Access to a broad range of mortgage programs
Competitive financing options based on borrower qualifications
A streamlined application and approval experience
Support for homebuyers, homeowners, and real estate investors
A team-focused approach
Support for every type of borrower
Whether you're purchasing a home, refinancing an existing mortgage, consolidating debt, or financing an investment property, our team is committed to helping you evaluate available options and make informed decisions.
Compare more than just the interest rate
When evaluating mortgage options, borrowers should consider the complete financing package
•Interest Rate
•Annual Percentage Rate (APR)
•Lender Fees
•Discount Points
•Closing Costs
•Loan Features and Flexibility
•Prepayment Terms
•Product Eligibility Requirements
•Customer Service and Support
The most appropriate mortgage solution depends on each borrower's individual financial circumstances, objectives, qualifications, and preferences.
Important Disclosure: Simply Approved Mortgages LLC typically utilizes a lender-paid compensation structure of approximately 1.50% on many mortgage transactions; however, compensation may vary based on lender requirements, loan program, state law, loan amount, borrower qualifications, and other transaction-specific factors. Compensation is only one component of mortgage pricing and does not, by itself, determine interest rates, APR, lender fees, closing costs, loan terms, or overall borrower costs. The information provided on this page is for general educational and informational purposes only and should not be construed as mortgage advice, a commitment to lend, an offer to extend credit, a rate quote, a loan approval, or a guarantee of savings. All mortgage loans are subject to credit approval, underwriting requirements, property approval, and program eligibility guidelines. Borrowers should carefully review all disclosures, including the Loan Estimate and Closing Disclosure, before proceeding with any mortgage transaction. Simply Approved Mortgages LLC • NMLS #2620881 • Equal Housing Opportunity.
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FHA loans are government-insured mortgages with 3.5% down and credit scores as low as 580. Here's how they work, who qualifies, and what they actually cost.
March 18, 2026 · 9 min read
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