State Guides · 5 min read
Rhode Island Reverse Mortgage Guide: Rules, Counseling, and Local Resources
A plain-English guide to reverse mortgages for Rhode Island homeowners 62+, including HUD counseling requirements and where to find local help.
If you're a Rhode Island homeowner 62 or older, you may be exploring whether a reverse mortgage could help you make the most of your home equity. This guide covers the basics that matter here in the Ocean State — in plain English.
The program is the same nationwide
The most common reverse mortgage is the Home Equity Conversion Mortgage (HECM), a federally insured program. Its core rules — minimum age of 62, primary residence requirement, and HUD-approved counseling — are the same in Rhode Island as everywhere else in the country.
That means you don't need to worry about a separate "Rhode Island reverse mortgage" with different qualifications. What can vary is how state and local rules interact with your home and finances.
Rhode Island property taxes
As a reverse mortgage borrower, you remain responsible for paying your property taxes — in Rhode Island and every other state. Rhode Island offers property tax relief programs for seniors in many communities, such as exemptions or deferrals based on age and income.
These programs vary by city and town, so it's worth checking with your local tax assessor's office. A reverse mortgage doesn't change your eligibility for senior tax relief, but you'll want to understand both together when budgeting.
HUD-approved counseling (required)
Before you can obtain a HECM, you must complete a session with a HUD-approved reverse mortgage counselor. This independent conversation helps you understand the loan, the costs, and your alternatives. HUD-approved agencies may charge a reasonable fee, but they cannot charge you if you can't afford it.
To find an approved counselor, you can:
- Visit the U.S. Department of Housing and Urban Development's list of approved counseling agencies
- Ask your lender for a list of HUD-approved counselors (they cannot choose one for you)
Counseling is required in every state, and it's there to protect you — not to push you toward a decision.
Your ongoing responsibilities
After closing, you must continue to:
- Live in the home as your primary residence
- Pay property taxes and homeowners insurance
- Maintain the home in reasonable condition
These are the same responsibilities any Rhode Island homeowner has. Staying current on them keeps the loan in good standing.
Working with a local advisor
Because reverse mortgage rules are federal, you can work with a licensed advisor based anywhere. But many Rhode Island homeowners appreciate working with someone local who understands the state's housing market, tax structure, and the questions neighbors actually ask.
Bobbie Maurer works with Rhode Island homeowners by phone and video.
Is it right for you?
Eligibility and the right fit are two different things. A reverse mortgage may make sense if you're 62+, have meaningful equity, plan to stay in your home, and are comfortable maintaining taxes and insurance. It's not right for everyone — and that's okay.
The best next step is a no-pressure conversation with a licensed advisor who can review your actual numbers.
Rhode Island homeowner with questions? Request a consultation with Bobbie — local, honest, and never a hard sell.