Reverse Mortgage in Hartford, CT

A reverse mortgage lets homeowners aged 62 or older borrow against their home equity without making monthly principal and interest payments, but it is still a loan that grows over time and must be repaid. If you live in Hartford and are weighing a Home Equity Conversion Mortgage, this page covers how it works, the HUD-approved counseling you must complete first and the ongoing obligations that come with it in Connecticut.

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Call to speak with a licensed loan officer about reverse mortgage in Hartford. Programs vary by borrower, property and investor.

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Older homeowners in Hartford

31%Owner households 65+

29%Homes with no mortgage

$228,600Median home value

73Reverse mortgages in the Capitol Planning Region (2024)

In Hartford, 31% of owner-occupied homes are headed by someone 65 or older, and 29% of owner-occupied homes have no mortgage. 2024 HMDA data for the Capitol Planning Region show 73 reverse mortgages.

How a HECM reverse mortgage works

A reverse mortgage converts part of your equity into funds you can use, while the debt is repaid later from the home itself. Because interest and mortgage insurance accrue on the balance, the amount owed grows over time and the equity left for you or your heirs shrinks.

The HECM program is insured by the Federal Housing Administration, and the youngest borrower must be 62 or older. The home must be your primary residence and meet FHA property standards. Any existing mortgage is typically paid off from the loan proceeds at closing. Whether a reverse mortgage fits depends on your health, plans, other income and goals for the house, so it deserves careful thought.

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Prefer to talk first? Call (888) 912-6746. Applying is not a loan approval or commitment to lend; programs vary by borrower, property and investor. ClearPoint Mortgage Advisors, NMLS #173855. Properties in FL, NY, NJ, PA, CT and VA only.

Counseling first, then payout choices

HUD requires every HECM borrower, and in many cases a non-borrowing spouse, to complete a session with an independent HUD-approved housing counselor before applying. The counselor explains costs, alternatives such as downsizing or a home equity loan, and how the loan could affect your estate and public benefits. You receive a certificate when you finish.

Once you move forward, you choose how to receive funds. Options can include a lump sum, fixed monthly advances for as long as you live in the home, monthly advances for a set period, a line of credit or a mix. Availability depends on the loan structure, and some choices limit how much you can draw in the first year.

Who this tends to fit

The youngest borrower on title is 62 or older and plans to stay in the home long term
You are married and want to understand protections for a spouse who is not on the loan
You can comfortably keep paying property taxes, homeowners insurance and maintenance
You are a homeowner aged 62 or older buying a new primary residence through HECM for Purchase
You would like a line of credit available for future expenses such as home modifications or care at home

Local offices and Connecticut rules to know

Housing counseling: City of Hartford Housing Division, listed on an official local government page.
Property assessment: City of Hartford Office of the Tax Assessor. The office determines the fair market value of real property, personal property and motor vehicles used to set local property taxes, and links to information on tax relief and exemption programs.

Connecticut property tax relief: Connecticut has no general statewide homestead exemption; elderly or totally disabled homeowners who live in their home can apply at their municipal Assessor's Office for the state Homeowners' Elderly/Disabled Circuit Breaker property tax credit.

Your ongoing duties and what happens to the home in Hartford

Staying current on property taxes, insurance and maintenance is a condition of the loan for its entire life. Missed tax or insurance payments are a leading cause of reverse mortgage defaults, so plan for these costs before you apply.

When the last borrower leaves the home, heirs have options. They can sell the property and keep any equity above the loan balance, refinance or pay off the loan to keep the house, or hand the property over to the lender. Federal rules give them a limited window to decide and act. Because HECMs are non-recourse, heirs are generally not personally liable for any shortfall if the home sells for less than the balance owed.

Before you call

Recent property tax bills and your homeowners and flood insurance declarations
Dates of birth for every owner and for any spouse who will live in the home
Your HUD-approved counseling certificate, or a plan to schedule the session
Income documents such as Social Security, pension and retirement account statements
Questions about heirs, estate plans and any public benefits you receive

Questions Hartford borrowers ask about reverse mortgage

What happens to my home when I pass away?

The loan generally becomes due when the last borrower dies or permanently leaves the home. Your heirs can sell the house and keep any proceeds beyond the loan balance, pay off or refinance the loan to keep the property, or turn it over to the lender. Because a HECM is non-recourse, heirs are generally not personally responsible if the home is worth less than the balance owed.

Who can get a HECM reverse mortgage?

The youngest borrower must be 62 or older, the home must be your primary residence and you need substantial equity. The property must meet FHA standards, and eligible types include single-family homes, some two-to-four unit homes you live in, and certain condominiums and manufactured homes. You must also complete HUD-approved counseling and show you can keep paying property taxes, insurance and upkeep. Approval is subject to the lender's review.

Can I use a reverse mortgage to buy a home?

Yes. A HECM for Purchase lets borrowers aged 62 or older buy a new primary residence and finance part of the price with a reverse mortgage, paying the rest from savings or the sale of a prior home. This can help when downsizing or moving closer to family without taking on a required monthly principal and interest payment. The same counseling, occupancy and ongoing cost obligations apply.

What protections exist for a spouse who is not on the loan?

HUD rules provide protections for an eligible non-borrowing spouse, often a spouse who is younger than 62 when the loan closes. If certain conditions are met and the spouse is named in the loan documents, they may be able to stay in the home after the borrower dies, as long as they keep up with taxes, insurance and upkeep. They cannot draw additional funds. Ask the counselor and lender to explain these rules for your situation.

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Get answers about reverse mortgage for a home in or around Hartford. Subject to credit approval; programs vary.