A reverse mortgage is a loan designed for homeowners62 and olderthat allows you to turn part of your home’s equity into cash, without giving up ownership. Unlike a traditional mortgage, you don’t make monthly payments. Instead, the loan is repaid when you move, sell, or no longer live in your home.
Key things to know:
You keep the title and ownership of your home
The money can be used for anything: bills, medical costs, travel, or home improvements
With a federally insured HECM reverse mortgage, there are no monthly mortgage payments
Your Social Security and Medicare benefits are not affected
You’re still responsible for property taxes, insurance, and maintaining your home
When you move out, the loan is repaid, typically through the sale of the home by you or your heirs
TheHome Equity Conversion Mortgage (HECM)is the most common reverse mortgage, created when President Reagan signed it into law in 1988. It’s backed by the Federal Housing Administration (FHA), giving borrowers peace of mind.
Think of it as acash flow tool: your home’s equity turns into income you can access, while still keeping the place you love.
Why it matters:
Must be 62+ years old to qualify
You stay on the title, the bank never owns your home
There are no prepayment penalties
Provides liquidity and financial flexibility when you need it most
Managing money in retirement shouldn’t feel like work. That’s why we’ve built accounts designed for ease, stability, and peace of mind, so you can focus on living, not balancing spreadsheets.
Think of it as banking that works with your lifestyle, not against it. Whether you’re simplifying bills, setting aside funds for future care, or making sure your money stays safe, our accounts are built to keep things simple. With Luminate Bank, you’ll find:
Why it matters:
Golden Checking:A straightforward account perfect for direct deposits like Social Security, with no hidden fees to worry about
Radiant Savings:A safe place to grow your nest egg while keeping funds easy to access
Built-in Protection:Fraud monitoring and account alerts give you confidence your money is secure
Personalized Service:Our team is always here to help (online, by phone, or in person), because retirement banking should come with a human touch
Healthcare is one of the biggest financial factors in retirement. A Health Savings Account (HSA) helps you plan ahead and reduce taxes along the way. With our HSAs, you’ll get:
No minimum balance requirement
A debit card to pay directly for qualified expenses
Online tools to track contributions and withdrawals
Potential tax savings now and in retirement
Why it matters:HSAs can cover doctor visits, prescriptions, dental, vision, and even certain long-term care costs, helping you stay prepared.
Why Luminate bank?
Because your retirement should feel clear, flexible, and secure. We combine modern banking tools with trusted mortgage solutions so you can:
Simplify cash flow with tailored accounts and budgeting support
Stay protected with federally insured mortgage options and fraud prevention
Plan ahead for healthcare and legacy needs with HSAs and savings tools
Yes. You remain on the title, and the home is yours as long as you live in it and meet the borrower responsibilities.
What happens if I move?
When you leave your home, the reverse mortgage loan is repaid, usually through selling the home. Any equity left after repayment belongs to you or your heirs.
Will a reverse mortgage affect my benefits?
No. Social Security and Medicare are not impacted by reverse mortgage funds.
Is a reverse mortgage right for everyone?
Not necessarily. It depends on your goals, health, and financial needs. That’s why we recommend exploring our guide or talking to one of our specialists before deciding.
Ready to take the first step?
Your future is too important to leave to chance. With the right mix of banking, savings, and home equity solutions, you can enjoy the confidence and comfort you’ve earned.
Funding Partnership with FHLB Des Moines Helps Spare Key Keep Families Housed During Medical Emergencies
This is paragraph text. Click it or hit the Manage Text button to change the font, color, size, format, and more. To set up site-wide paragraph and title styles, go to Site Theme.
This is paragraph text. Click it or hit the Manage Text button to change the font, color, size, format, and more. To set up site-wide paragraph and title styles, go to Site Theme.
