$304,072. This is the average home value in Hagerstown (Zillow, as of May 31, 2026, up 0.7% from the previous year). The moment this number becomes real is when I receive inquiries about wanting to remodel a long-time home into a no-stairs structure after retirement. As we age, stairs and bathrooms become inconvenient, leading to concerns about where to find remodeling funds.

One option considered in such cases is a reverse mortgage. This product allows homeowners aged 62 and older to receive funds by using the equity in their home as collateral, unlike a traditional mortgage where payments are made monthly. Instead, the lender provides funds in a lump sum, monthly payments, or a line of credit, depending on the homeowner's preference. The most common form is the HECM (Home Equity Conversion Mortgage), which is insured by the Federal Housing Administration (FHA).

While receiving a lump sum to cover remodeling costs is often mentioned, the entire equity does not come out as cash. The percentage available for use is determined by age, interest rates, and home value. In areas like Hagerstown, where home prices are relatively low, the size of the equity is also smaller, so this should be checked first when budgeting for remodeling.

Changing to a no-stairs structure or adding safety grab bars in the bathroom is referred to as aging in place remodeling. Although it is not uncommon to use funds received from a reverse mortgage for such purposes, it is safer to first obtain remodeling estimates and compare the necessary amount with the available equity.

The average effective property tax rate in Maryland is around 1.00% (based on a median home value of $397,700, resulting in an annual property tax of $3,989, according to propertytaxrates.org). Hagerstown, located in Washington County, does not deviate significantly from this standard. Even after obtaining a reverse mortgage, homeowners must continue to pay property taxes and insurance premiums, and failing to do so can lead to the risk of default.

Costs must also be calculated. When adding origination fees, mortgage insurance premiums, and closing costs, the initial burden is generally higher than that of a traditional mortgage. If the expenditure is for a clear purpose like remodeling, it is necessary to consider whether it is actually beneficial when accounting for these initial costs. Although the non-recourse structure means that heirs are not required to pay the excess if the home value falls below the loan balance, the equity decreases each year, which also reduces the assets passed on to children.

Maryland has a population aged 65 and older that makes up about 16% of the total, with an increase of 3.35% between 2023 and 2024 (reported by Maryland Matters in July 2025). As more households age in their long-time homes, inquiries related to remodeling funds are naturally increasing.

For small-scale repairs, savings or small loans may be sufficient. Since reverse mortgages involve initial costs, they are better suited for larger remodeling projects.

• Initial costs (origination fees, mortgage insurance, etc.) are higher than those of traditional mortgages
• Property taxes and insurance premiums must continue to be paid, and failure to do so poses a risk of default
• As equity decreases, inherited assets may also decline
• Mandatory counseling through a HUD-approved counseling agency is required before applying

When receiving remodeling estimates, it is common for costs to exceed expectations. Initially planning to fix just one bathroom may lead to ultimately repairing stairs and the entrance as well. If you decide to secure funds through a reverse mortgage, it is safer to take your time, obtain estimates from multiple sources, and recalculate the actual amount needed.

Before applying for HECM, mandatory counseling through a HUD-approved counseling agency is required. It is also worth discussing other methods of securing remodeling funds (such as home equity lines) during the counseling process. It is safest to make a decision after thoroughly discussing it with family.