Trusted Reverse Mortgage Educator.
Understand Reverse Mortgages Before You Make Any Decision
Whether you’re exploring options for yourself or a loved one, this site gives you honest, clear, jargon-free education on reverse mortgages â with no sales pressure, ever.
Education First â Always
Stan's philosophy: you should fully understand every aspect of a reverse mortgage before making any decision. This site exists to teach, not to sell.
What You'll Learn Here
A complete reverse mortgage education in one place
What a reverse mortgage actually is
Plain-language definition, history, and how it differs from a traditional mortgage
Eligibility requirements & rules
Age, property type, financial obligations, and counseling requirements
The different types of reverse mortgage
Standard Reverse Mortgage, Reverse Mortgage for Purchase, and Refinance â when each applies
Common myths vs. actual facts
The most misunderstood aspects, clarified with evidence
- Ready to go deeper?
Stan Goff
Reverse Mortgage Specialist & Educator
NMLS Licensed
40+ Years
FHA Approved
About Stan
Meet Stan Goff
With over 40 years of experience in housing and mortgage finance, Stan Goff focuses on helping homeowners understand their options â especially reverse mortgages.
His philosophy is simple: education first, no pressure, and clear answers. Many clients come to Stan after being told they do not qualify for traditional financing, only to discover there may still be options available.Â
Start Here
Your Complete Reverse Mortgage Education Resource
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What Is a Reverse Mortgage?
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Eligibility Requirements
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Reverse Mortgage Types Compared
There are three core Reverse Mortgage Programs. This guide explains each one â Reverse Mortgage for Purchase, and Reverse Mortgage Refinance â and when each is appropriate.
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Protections & Safeguards
The Reverse Mortgage is one of the most regulated loan programs in America. Learn about FHA insurance, non-recourse protections, mandatory counseling, and your legal rights.
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Common Myths Debunked
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Video Explanations by Stan
Stan explains Reverse Mortgage concepts in plain, conversational language through short videos. Watch at your own pace â no obligation or sign-up required.
How It Works
A Step-by-Step Guide to How a Reverse Mortgage Works
Key Terms to Understand
Principal Limit
The maximum amount you can borrow, based on age, home value, and current interest rates.
Non-Recourse Loan
You can never owe more than what your home is worth at the time of sale â period.
MIP (Mortgage Insurance Premium)
FHA collects an insurance premium that protects both you and the lender.
LESA (Life Expectancy Set-Aside)
A portion of loan proceeds set aside to pay taxes and insurance automatically.
Title Ownership
You remain on the title of your home throughout the loan â the lender does not own your home.
- Non-recourse: you can never owe more than home value.
Stan's Approach to Education
Stan has spent 40+ years explaining Reverse Mortgage Programs in plain English. His philosophy is that no one should ever sign a document they don't fully understand.
1
Learn & Explore Your Options
Before anything else, you learn. There's no application, no commitment, no obligation. This stage is purely educational â you ask questions, we answer them completely and honestly. Many people spend weeks at this stage, and that's encouraged.
đ No application. No commitment.
2
Attend HUD-Approved Counseling
Federal law requires all Reverse Mortgage borrowers to complete a session with an independent, HUD-approved housing counselor. This is a consumer protection, not a formality. The counselor is paid to serve you â not the lender.
đī¸ Required by federal law. Costs ~$145.
3
Property Appraisal & Underwriting
An FHA-approved appraiser assesses your home's current market value. This determines the principal limit â the maximum amount you can borrow. The lender's underwriters verify eligibility according to FHA guidelines.
đ FHA appraisal standards apply.
4
Closing & Loan Disbursement
At closing, you sign the loan documents and choose how you want to receive your funds: a lump sum, monthly payments, a line of credit, or a combination. Any existing mortgage is paid off first with the proceeds.
đ° Funds are tax-free proceeds, not income.
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Ongoing Obligations (The Borrower's Responsibilities)
You must continue to live in the home as your primary residence, pay property taxes, maintain homeowners insurance, and keep the property in good condition. These are the three core ongoing obligations â none of which are optional.
â ī¸ Failure to meet these can trigger loan repayment.
Educational Videos
Watch Stan Explain Reverse Mortgage Topics In Plain English
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HECM Purchase
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HECM Purchase
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Refinance
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Refinance
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HECM Purchase
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Refinance
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Program Types
The Three Types of Reverse Mortgage Programs
Each Reverse Mortgage program serves a different need. Understanding the differences helps you determine which â if any â might be appropriate for your situation.
Most Common Program
Reverse Mortgage Standard (Refinance)
The standard Reverse Mortgage allows you to convert equity in your current home into funds you can receive as a lump sum, monthly payments, a growing line of credit, or a combination. It is the most widely used reverse mortgage in America.
The Reverse Mortgage Standard is regulated by HUD, insured by the FHA, and requires mandatory independent counseling before any application. Your name stays on the title â the lender does not take ownership of your home.
- Multiple disbursement options (lump sum, monthly, line of credit)
- Line of credit grows over time regardless of home value changes
- No monthly mortgage payment required
- Non-recourse: never owe more than home is worth
- Proceeds are not considered taxable income by the IRS
Program Snapshot
Minimum Age
62 years old
Property Type
Primary residence only
Counseling Required
Yes â HUD-approved counselor
Monthly Payments
Not required (optional)
FHA Insurance
Yes â protects both parties
Regulated by
HUD / FHA (federal)
Homeownership
Borrower retains title
Heirs' Options
Sell home or refinance to repay
- Want to understand if this applies to your situation?
Buy a New Home
Reverse Mortgage for Purchase (H4P)
The Reverse Mortgage for Purchase allows eligible seniors to buy a new primary residence using a reverse mortgage â combining a down payment with the Reverse Mortgage loan proceeds. This eliminates monthly mortgage payments on the new home.
This program was created by HUD in 2009 to allow seniors to right-size their living situation â moving to a smaller home, a different location, or a retirement community â without depleting all their savings on the purchase price.Â
- Buy your ideal retirement home without monthly mortgage payments
- Preserve savings/assets that would otherwise go to the purchase
- Down payment comes from sale of prior home, savings, or gift funds
- Eligible for single-family, condos, new construction, manufactured homes
- All standard Reverse Mortgage protections apply (non-recourse, FHA insurance)
Program Snapshot
Minimum Age
62 years old
Property Type
Buying a new primary residence
Down Payment Source
Sale proceeds, savings, gifts
Monthly Payments
Not required after purchase
Eligible Properties
1-4 family, condo, new construction
Seller Concessions
Not permitted (HUD rule)
Counseling Required
Yes â before application
- Thinking about moving in retirement? This may be worth understanding.
Existing Reverse Mortgage Holders
Reverse Mortgage Refinance
If you already have a reverse mortgage, you may be able to refinance it into a new Reverse Mortgage . This may be worth exploring if your home has significantly increased in value or if interest rates have dropped since you obtained your original loan.
A Reverse Mortgage refinance can increase your available principal limit, potentially giving you access to more equity. However, it also involves new closing costs, and should only be done when the financial benefit clearly outweighs the costs.Â
- May unlock additional equity if home value has risen
- Can add a qualifying spouse to the loan
- Potentially access better interest rate terms
- All standard FHA protections carry over
- New closing costs apply â benefit must exceed cost
Key Considerations
Who It's For
Existing Reverse Mortgage borrowers
Primary Benefit
Increased principal limit
Minimum Benefit Rule
5Ã or $10,000 min. gain (HUD)
Closing Costs
New costs apply
Counseling Required
Yes â streamlined available
When It Makes Sense
Significant home value increase
- Already have a Reverse Mortgage? A quick review can show if refinancing makes sense.
Not Sure If a Reverse Mortgage Is Right for You?
How It Works
Reverse Mortgage Solutions Designed For Seniors
Specialized Reverse Mortgage Programs for buying, refinancing, and unique property types across Alabama, Florida, and Georgia.
Reverse Mortgage for Purchase
Buy a new primary residence at 62+ using a government-insured reverse mortgage â with no required monthly principal and interest payments for life.
Reverse Mortgage Refinance
Already own your home? Replace your existing mortgage with a reverse mortgage and eliminate monthly payments while unlocking your equity.
Reverse Mortgage for Manufactured Homes
EXPERTISE & TRUST
Decades of Experience and Financial Wisdom
Empowering Seniors with Knowledge, Not Sales
Our mission is to provide you with the tools to understand your reverse mortgage options and determine what is best for your future.
Focused on Helping Seniors Understand Their Options
What Clients Say
Ask a Question.
There’s no obligation to proceed with anything. Whether you have one question or one hundred, Stan will give you a complete, honest answer â on your timeline, at your pace.
Direct Phone
205-534-9889
Direct Email
stan@goffhousingsolutions.com
Stan's Promise to You
No pressure. No scripts. No obligation. Every conversation is for your education â not Stan's commission. If this program isn't right for you, he'll say so directly.
Ask a Question.
Get an Honest Answer.