At NEXA Mortgage, Levi Soukup works with Bellevue-area homeowners to cut through the myths, the misunderstandings, and the marketing noise around reverse mortgages and get to what really matters: an honest, clear picture of whether this financial tool fits your life, your goals, and your retirement plan.
A reverse mortgage is a specialized home loan available to homeowners who are 62 years of age or older that allows them to convert a portion of their home equity into usable funds — without selling the home and without making monthly mortgage payments.
The name comes from the basic structure of the arrangement: instead of you making payments to a lender each month to build equity over time (as with a traditional mortgage), the lender makes funds available to you, and the loan balance grows over time. That balance — including the original loan amount plus accrued interest and fees — is repaid when the home is eventually sold, when you permanently move out, or when the loan otherwise becomes due.
The most common and widely used type of reverse mortgage is the Home Equity Conversion Mortgage, or HECM — a program insured by the Federal Housing Administration (FHA) and regulated by the U.S. Department of Housing and Urban Development (HUD). Because it carries federal insurance backing, the HECM comes with important consumer protections that distinguish it from private reverse mortgage products.
There are also proprietary reverse mortgages — sometimes called jumbo reverse mortgages — offered by private lenders for homeowners with higher-value properties whose equity exceeds the federal HECM lending limits.
Understanding the differences between these options, and which one makes sense for your specific situation, is something Levi Soukup will walk you through carefully.
One of the most common sources of confusion about reverse mortgages is simply how the mechanics function on a day-to-day basis. Let’s break it down clearly.
This is perhaps the most important point to establish upfront, because it’s the one most often misunderstood. When you take out a reverse mortgage, you do not give your home to the bank. You retain title to your property throughout the life of the loan. The lender places a lien on the property — the same way a traditional mortgage works — but ownership remains yours.
Unlike a home equity loan or a home equity line of credit (HELOC), a reverse mortgage does not require you to make monthly principal and interest payments. This is the feature that makes it so valuable for retirees on fixed incomes. You must, however, continue to meet the ongoing obligations of homeownership: paying your property taxes, maintaining homeowner’s insurance, and keeping the property in reasonable condition.
Because no monthly payments are being made, interest accrues and is added to the loan balance over time. This means the amount owed grows gradually rather than shrinking the way a traditional mortgage balance does. Understanding this dynamic is important for long-term financial planning, particularly if leaving home equity to heirs is a priority for you.
The reverse mortgage becomes due and payable when one of the following occurs:
When repayment is triggered, the home can be sold to settle the debt. If the sale proceeds exceed the loan balance, the difference goes to the borrower or their estate. If the home sells for less than the balance owed — which can happen after years of accruing interest — the FHA insurance on a HECM covers the shortfall. You or your heirs will never owe more than the home is worth at the time of sale. This non-recourse feature is a critical consumer protection.
A common concern among homeowners considering reverse mortgages is what happens to the home after they’re gone. Heirs have choices. They can sell the home and use the proceeds to pay off the loan balance, keeping any remaining equity. They can refinance the reverse mortgage into a traditional mortgage if they want to keep the property. Or they can simply allow the lender to take possession of the home through the standard process — in which case, again, they owe nothing beyond the home’s value.
Working with Levi Soukup at NEXA Mortgage gives Bellevue homeowners access to a range of reverse mortgage products, not just a one-size-fits-all solution. Here’s an overview of the main types:
The HECM is the cornerstone of reverse mortgage lending in the United States. Backed by the FHA and regulated by HUD, it comes with mandatory consumer protections including required independent counseling, standardized disclosures, and the non-recourse guarantee described above.
HECM loans have federally established lending limits, which means the amount you can access is tied to your age, the appraised value of your home (up to the federal limit), and current interest rates. Homes with values above the HECM limit may not allow you to access all of your equity through this program — which is where proprietary products become relevant.
A lesser-known but highly valuable product, the HECM for Purchase allows eligible homeowners aged 62 and older to purchase a new primary residence using a reverse mortgage. Rather than buying a home with traditional financing and then layering a reverse mortgage on top, the HECM for Purchase does it in a single transaction.
This is particularly appealing for retirees who want to downsize, relocate closer to family, or move into a more accessible one-story home in Bellevue or the surrounding Sarpy County area without taking on a monthly mortgage payment. You bring a down payment to the transaction — typically the proceeds from your prior home sale — and the reverse mortgage covers the rest. No monthly principal and interest payment required going forward.
For homeowners in Bellevue with higher-value properties — particularly those whose home values exceed the federal HECM lending limit — proprietary reverse mortgage products may allow access to a greater portion of home equity. These are privately insured products offered through select lenders and don’t carry all of the same federal protections as a HECM, but they can be a valuable solution for the right borrower profile.
Some state and local government agencies and non-profit organizations offer single-purpose reverse mortgages, which are limited to a specific, lender-approved use — often home repairs, accessibility improvements, or property tax obligations. These tend to have lower costs but strict use restrictions and limited availability. Levi Soukup can help identify whether any such programs are accessible to Bellevue homeowners in specific situations.
One of the flexible features of the HECM program is the variety of ways you can choose to receive your loan proceeds. You’re not locked into a single payment method, and in many cases you can choose a combination of options:
You receive the full eligible amount in a single disbursement at closing. This is often the option chosen by homeowners with a specific large financial need — paying off an existing mortgage balance, covering a significant medical expense, or funding a major home renovation.
You can elect to receive fixed monthly payments over a set term (a specific number of months) or as long as the home remains your primary residence (tenure payments). This option most closely resembles a traditional income supplement and is popular among retirees looking to shore up predictable monthly cash flow.
Perhaps the most strategically powerful option, the HECM line of credit allows you to access funds as needed rather than receiving everything upfront. What makes this option particularly compelling is a feature unique to reverse mortgage credit lines: the unused portion of the credit line grows over time at the same rate as the loan’s interest rate. This means the longer you leave funds in the line of credit untapped, the more you have available to access — a built-in hedge against future financial needs.
Many homeowners opt for a combination — perhaps a smaller upfront lump sum to address an immediate need, paired with a line of credit for future flexibility, and monthly payments to supplement income. The right combination depends on your specific financial situation and goals.
Levi Soukup takes time to understand what you’re actually trying to accomplish financially and helps you structure the proceeds in a way that genuinely serves your retirement plan.
Eligibility for a HECM reverse mortgage is governed by federal guidelines. Here’s a summary of the primary requirements:
The youngest borrower on title must be at least 62 years old. There is no upper age limit — in fact, older borrowers typically qualify for access to a larger portion of their home equity.
The home must be your primary residence. Vacation homes and investment properties are not eligible for HECM reverse mortgages.
You must have significant equity in your home. If you still carry a traditional mortgage balance, that balance will typically need to be paid off with reverse mortgage proceeds at closing. The remaining available equity is then what you have to work with.
Most standard residential property types are eligible, including single-family homes, FHA-approved condominiums, and manufactured homes that meet HUD requirements. Multi-unit properties up to four units are eligible if you occupy one of the units as your primary residence.
HUD requires lenders to conduct a financial assessment of reverse mortgage applicants to evaluate willingness and capacity to meet ongoing homeownership obligations — primarily property taxes and insurance. This isn’t a traditional income qualification, but it’s designed to confirm that taking on a reverse mortgage won’t put you in a position where you’re unable to maintain the property’s required obligations.
In some cases where the financial assessment reveals a concern, a Life Expectancy Set-Aside (LESA) may be established — essentially a reserved portion of your loan proceeds earmarked specifically for future tax and insurance payments.
Before you can close on a HECM, federal law requires that you complete an independent counseling session with a HUD-approved housing counselor. This session — which can typically be completed by phone — is designed to make sure you fully understand how the loan works, the alternatives available to you, and the implications for your estate. Levi Soukup will connect you with approved counseling resources as part of the process.
Let’s move past the technical requirements and talk about what a reverse mortgage actually means for your life as a Bellevue homeowner in or approaching retirement.
For homeowners who still carry a traditional mortgage balance, using a reverse mortgage to pay it off eliminates that monthly obligation entirely. If your current mortgage payment represents a significant portion of your monthly fixed costs, removing it can dramatically improve your cash flow and reduce financial stress. Imagine what your monthly budget looks like without that payment.
Social Security, pension payments, and investment distributions don’t always keep pace with rising costs — particularly healthcare, property taxes, and everyday living expenses. A reverse mortgage can provide a meaningful income supplement that helps you maintain your lifestyle without depleting other retirement assets prematurely.
Using the HECM line of credit as a standby reserve — rather than tapping it immediately — creates a growing financial cushion you can access if an unexpected expense arises. Major home repairs, a health event, a family emergency — having a reliable, accessible credit line can be the difference between a manageable disruption and a financial crisis.
Some financial planners have begun incorporating reverse mortgage lines of credit into broader retirement income strategies — specifically, using reverse mortgage proceeds to cover living expenses in the early years of retirement while delaying Social Security claiming. Because Social Security benefits grow meaningfully for each year you delay claiming (up to age 70), this strategy can result in significantly higher lifetime income for some retirees.
Many Bellevue homeowners have deep roots in their neighborhoods — relationships with neighbors, proximity to family, familiarity with local healthcare providers. A reverse mortgage can help fund the home modifications that make aging in place safe and comfortable: ramps, bathroom upgrades, wider doorways, first-floor bedroom conversions. Rather than being forced to move because the house no longer fits your physical needs, you can adapt it.
The HECM for Purchase option mentioned earlier deserves special emphasis here. If your current home no longer fits your retirement needs — too large, too many stairs, too far from family or medical care — you can use a reverse mortgage to buy a more suitable property in Bellevue or elsewhere without taking on a monthly mortgage payment. This gives you the freedom to right-size your living situation without the income requirements that traditional purchase financing would impose.
Reverse mortgages have been subject to misconceptions and, in some cases, genuine misuse in their earlier history. It’s important to address the most common concerns honestly.
False. As we’ve established, you retain full ownership of your home throughout the life of the reverse mortgage. The lender holds a lien — the same as with any mortgage — but the title is yours.
This concern is understandable, but the reality is more nuanced. Whether any equity remains for heirs depends on how long the loan is outstanding, how much appreciation the property experiences, and how much of the available credit was accessed. Many reverse mortgage borrowers do leave meaningful equity for their heirs. And the non-recourse protection ensures that heirs will never owe more than the home’s market value — they simply choose not to keep the property if the loan balance exceeds the home’s worth.
If leaving maximum equity to heirs is the priority, a reverse mortgage may not be the right tool. That’s an honest conversation worth having. But for many families, the financial security and quality of life improvements the reverse mortgage provides the homeowner are valued by heirs as much as any inheritance.
The HECM program is federally regulated and backed by the FHA. It comes with mandatory independent counseling, standardized disclosures, and consumer protections that have been significantly strengthened over the years. Abuses in the early history of the product led to regulatory reforms that have made today’s HECM a very different — and much safer — product.
Working with a knowledgeable, ethical lender like Levi Soukup at NEXA Mortgage, and completing the required independent counseling, provides important safeguards.
Reverse mortgages do have costs — origination fees, closing costs, mortgage insurance premiums (for HECMs), and ongoing accruing interest. These are real and should be fully understood before proceeding. However, they need to be weighed against the value the product delivers: eliminated mortgage payments, supplemental income, growing credit access, and the ability to remain in your home.
For many Bellevue homeowners, the math — when honestly analyzed — is clearly favorable. For others, it may not be. Levi Soukup will help you run those numbers honestly rather than selling you on a product that doesn’t fit your situation.
For HECM tenure payment options, payments continue as long as the home remains your primary residence — regardless of how long you live. You cannot be forced out of the home as long as you meet your ongoing obligations. This is a fundamental protection of the HECM program.
Why does the local context matter when we’re talking about a federally regulated loan product? Because the specifics of the Bellevue real estate market shape several important variables.
The amount of equity you can access through a reverse mortgage is tied directly to your home’s appraised value (up to the federal HECM limit). Bellevue home values have appreciated meaningfully over the past decade, driven by Sarpy County’s population growth, Offutt Air Force Base’s economic anchor, and the Omaha metro’s broader economic health. Homeowners who’ve lived in Bellevue for 20, 30, or even 40 years may be sitting on significantly more equity than they realize.
Getting an accurate sense of your current home value is an important early step in evaluating a reverse mortgage. Levi Soukup can help you think through what that might look like before you ever get to a formal appraisal.
Bellevue’s large military and veteran community has specific financial planning considerations. Active duty personnel are not eligible for reverse mortgages (which require the home to be a primary residence and the youngest borrower to be at least 62), but retired veterans and military spouses often are — and may find reverse mortgages a valuable part of their retirement picture.
It’s also worth noting that VA home loan benefits are separate from reverse mortgage products. If you’re a veteran evaluating your options, Levi Soukup can help you understand how different loan products intersect with your VA entitlement and overall financial situation.
Nebraska has a robust network of senior services, Area Agency on Aging resources, and healthcare infrastructure — all of which make aging in place a genuinely viable goal for Bellevue homeowners. A reverse mortgage that funds necessary home modifications, supplements income, or eliminates a monthly payment can be the financial bridge that makes staying in the community you love a reality rather than a wish.
If you decide you want to explore a reverse mortgage in Bellevue, NE, here’s a clear picture of what the process looks like when you work with Levi Soukup at NEXA Mortgage.
The first conversation is about understanding your situation — your home, your goals, your concerns, and your financial picture. There’s no pressure and no obligation. The goal is simply to determine whether a reverse mortgage could genuinely serve you, and if so, which type and structure makes the most sense.
Levi will work through the basic numbers with you: an estimate of your home’s current value, the approximate amount of equity available, what different disbursement options might look like, and a clear picture of the costs involved. This gives you the information you need to decide whether to move forward.
Before any application is submitted, you’ll complete an independent counseling session with a HUD-approved housing counselor. Levi will provide referrals to approved counselors and help you prepare for the session. The counseling session typically takes about an hour and covers the mechanics of the loan, your alternatives, and the implications for your estate.
Once counseling is complete and you’ve decided to proceed, the formal loan application is submitted. This includes gathering documentation related to your homeownership, identity, and financial profile as required by the program.
An FHA-approved appraiser will assess your home’s current market value. The appraisal must confirm that the property meets HUD’s standards and will form the basis for calculating your available equity.
The loan goes through underwriting, where the lender verifies that all program requirements are met and the financial assessment is completed. Levi stays in close communication during this phase to address any questions or requests promptly.
You’ll close the loan — typically in your home or at a title company — and after a brief federal rescission period (three business days for refinances), the funds become available in the disbursement method you’ve chosen.
Levi Soukup manages this process from start to finish, keeping you informed at every step and making sure there are no surprises.
It’s worth honestly comparing a reverse mortgage against the other common tools for accessing home equity, so you understand the full landscape.
A home equity loan provides a lump sum borrowed against your equity, repaid through fixed monthly payments over a set term. It requires you to qualify based on income and credit, and you’re obligated to make payments regardless of your financial situation. For retirees on fixed income, adding a monthly payment can create real stress.
A HELOC gives you flexible access to equity with a revolving credit structure, but again requires monthly minimum payments and income-based qualification. HELOCs are typically adjustable-rate products and can have their credit limits reduced or frozen by lenders during economic downturns — exactly the time you might most need access to credit.
Refinancing your existing mortgage into a larger loan and taking the difference in cash is another equity access option. But it restarts your mortgage clock, requires full income and credit qualification, and results in a new (likely larger) monthly payment. For retirees, this can be a difficult qualification and a burdensome obligation.
Selling and downsizing is a legitimate strategy for accessing home equity — but it means leaving your neighborhood, your community, and the home you’ve built your life in. And it’s not reversible.
No monthly principal and interest payments required. No traditional income qualification. No risk of the credit line being frozen. Non-recourse protection means you’ll never owe more than the home is worth. And you stay in your home.
For homeowners aged 62 and older in Bellevue who have substantial equity, the comparison often favors the reverse mortgage — particularly when the goal is cash flow improvement rather than short-term capital access.
Reverse mortgages are not a product every mortgage professional knows well. The federal regulations, the counseling requirements, the financial assessment process, the various disbursement structures — these require specific expertise. Here’s why Levi Soukup and NEXA Mortgage are well-positioned to serve Bellevue homeowners considering this option.
As one of the country’s largest mortgage brokerages, NEXA Mortgage gives Levi access to multiple reverse mortgage lenders and both HECM and proprietary products. You’re not limited to one lender’s terms or one product structure. Levi can genuinely shop for the best fit.
Reverse mortgages are a significant financial decision. Levi’s approach isn’t to sell — it’s to educate and advise. If a reverse mortgage isn’t the right tool for your situation, he’ll say so and help you think through what might work better. That kind of honesty is rare and valuable.
Working with Levi Soukup at Nexa Lending, clients gain a mortgage partner who combines extensive experience with personalized guidance. Every borrower receives solutions tailored to their unique goals—whether buying a first home, refinancing, or exploring investment opportunities. The focus is on providing financing that is practical, transparent, and designed to support long-term financial success.
Expert Guidance: Providing personalized mortgage advice based on over 30 years of residential lending experience.
Wide Range of Financing Options: Flexible solutions designed to meet the unique needs of every borrower.
Transparent Process: Clear communication and step-by-step support to make the mortgage process simple and stress-free.
Client-Centered Service: Building long-term relationships by prioritizing your goals, and homeownership success.
Working with Levi Soukup at Nexa Lending, clients gain a mortgage partner who combines extensive experience with personalized guidance. Every borrower receives solutions tailored to their unique goals—whether buying a first home, refinancing, or exploring investment opportunities. The focus is on providing financing that is practical, transparent, and designed to support long-term financial success.
Expert Guidance: Providing personalized mortgage advice based on over 30 years of residential lending experience.
Wide Range of Loan Programs: Offering Conventional, FHA, VA, Jumbo, DSCR, Renovation, HELOCs, and more to fit every borrower’s needs.
Transparent Process: Clear communication and step-by-step support to make the mortgage process simple and stress-free.
Client-Centered Service: Building long-term relationships by prioritizing your goals, financial well-being, and homeownership success.
Levi Soukup
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Email: [email protected]
Address: 331 Village Pointe Plaza suite 310, Omaha, NE 68118, United States
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