Reverse Mortgage (HECM) Explained: Eligibility & How It Works

Our proprietary solution designed to give you more access to your home's wealth, with greater flexibility than ever before..

EquityIQ: Unlock More from Your Home’s Value

Are you a homeowner aged 62 or older with a high-value home? You’ve built significant equity—now it’s time to put it to work on your terms. Introducing EquityIQ, a proprietary solution designed to give you greater access to your home’s wealth with more flexibility than ever before.

What Is EquityIQ?

EquityIQ is a unique, fixed-rate reverse mortgage product developed by PHH Mortgage. It’s a private alternative to the traditional HECM (Home Equity Conversion Mortgage), tailored for homeowners who:

Are at least 62 years old (subject to state variations)*
Own a higher-value home
Prefer a fixed-rate loan
Want access to more of their equity for financial goals

Why Choose EquityIQ? Your Advantages at a Glance

EquityIQ is designed to empower you with greater financial control and peace of mind. Here’s what sets it apart:

Access to More Equity: Unlike traditional HECMs, EquityIQ offers higher maximum loan amounts, allowing you to unlock more cash from your home’s value
Lower Age Requirement: Available to homeowners age 62 and older in eligible states, giving you a head start on retirement planning
No Monthly Servicing Fees: Save more with no ongoing monthly servicing fees
No Mortgage Insurance: EquityIQ comes with no upfront or ongoing mortgage insurance premiums, a significant savings compared to FHA-insured HECM loans
Full Draw at Closing: Receive your full loan proceeds in one lump sum at closing, providing immediate access to the funds you need

How Can EquityIQ Help You Achieve Your Goals?

The cash you access through EquityIQ can be used for virtually any purpose, offering powerful financial flexibility:

Supplement Retirement Income: Create a consistent income stream
Eliminate Existing Mortgage Payments: Free up monthly cash flow**
Consolidate Debt: Pay down high-interest debt or other loans
Fund Home Renovations: Transform your living space without dipping into retirement savings
Cover Healthcare Costs: Manage unexpected medical expenses or plan for long-term care
Travel & Leisure: Enjoy the retirement you’ve always envisioned

Ready to learn more? Call or click to request a custom quote and review your reverse mortgage options.

*EquityIQ reverse mortgage loans only available in AZ, CA, CO, DC, FL, GA, ID, IL, NC, NJ, NM, NV, OR, PA, TX, UT and VA. For NC and TX, the minimum age requirement is 62.

**You must continue to pay property taxes, homeowners insurance, and maintain the home.

This is not a commitment to lend. Any equity used in a refinance may decrease the amount of equity available to you in the future. Application approval is subject to complete underwriting review based on program guidelines; not all applicants may qualify. Limitations may apply. Not available for properties in Hawaii.

Your current mortgage(s) and any other existing liens against the property must be paid off at or before closing. You must live in the home as your primary residence, continue to pay required property taxes, and homeowners insurance, and maintain the home according to FHA HECM requirements. Failure to meet these requirements can trigger a loan default that may result in foreclosure.