A reverse mortgage can give older Connecticut homeowners access to equity without a required monthly principal and interest payment, but the balance grows over time and the home remains collateral. Before applying, every borrower meets with a HUD-approved counselor. Read on to understand how HECM loans work, what they cost in equity, what your family should know, and then pick your city to talk with a licensed lender about whether this option fits.
Call to talk with a licensed loan officer. Programs vary by borrower, property and investor.
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.
Where reverse mortgage activity is highest in Connecticut
| County | loans originated (2024 HMDA) |
|---|---|
| the Capitol Planning Region | 73 |
| the South Central Connecticut Planning Region | 40 |
| the Western Connecticut Planning Region | 40 |
| the Naugatuck Valley Planning Region | 26 |
| the Northwest Hills Planning Region | 22 |
| the Lower Connecticut River Valley Planning Region | 18 |
| the Greater Bridgeport Planning Region | 17 |
| the Southeastern Connecticut Planning Region | 13 |
Start your application in a few minutes. A licensed loan officer reviews it and follows up with your options.
- Takes a few minutes
- Reviewed by a licensed loan officer
- No obligation to proceed
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.
Reverse Mortgage by city in Connecticut
- Ansonia
- Branford Center
- Bridgeport
- Bristol
- Cheshire Village
- Conning Towers Nautilus Park
- Cos Cob
- Danbury
- Derby
- Glastonbury Center
- Hartford
- Jewett City
- Kensington
- Meriden
- Middletown
- Milford
- Milford city
- Naugatuck
- New Britain
- New Haven
- New London
- Norwalk
- Norwich
- Oakville
- Old Greenwich
- Pawcatuck
- Riverside
- Rockville
- Shelton
- Sherwood Manor
- Simsbury Center
- Southwood Acres
- Stafford Springs
- Stamford
- Storrs
- Terryville
- Thompsonville
- Torrington
- Wallingford Center
- Waterbury
- West Haven
- Willimantic
- Winsted
Common questions
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.
Is reverse mortgage money mine to keep without repaying it?
No. A reverse mortgage is a loan. Interest, mortgage insurance and fees are added to the balance over time, so the amount you owe grows and the equity left in your home shrinks. The loan must be repaid when it comes due, usually through the sale of the home. It can be a useful tool for some homeowners, but it uses up equity that might otherwise go to you later or to your heirs.
Related guides
- Reverse Mortgage Pros and Cons: What to Know About a HECM
- HELOC vs. Home Equity Loan: Which Way to Tap Your Equity
- Closing Costs Explained
- First-Time Home Buyer Programs in Connecticut
Reverse Mortgage overview · Connecticut mortgage overview
- 2024 Home Mortgage Disclosure Act (HMDA) data; U.S. Census Bureau Building Permits Survey 2025