Home Loans
Reverse Mortgage
Convert your home equity into cash. No monthly mortgage payments required.
Overview
What Is a Reverse Mortgage?
A reverse mortgage (HECM) allows homeowners aged 62 and older to convert a portion of their home equity into tax-free cash without selling their home or taking on monthly mortgage payments. The loan is repaid when the borrower sells the home, moves out permanently, or passes away.
Key Benefits
Why Choose This Program?
- ✓ No monthly mortgage payments
- ✓ Tax-free proceeds
- ✓ Stay in your home as long as you want
- ✓ Multiple payout options available
- ✓ FHA-insured for borrower protection
Requirements
What You’ll Need
- ✓ At least one borrower must be 62+
- ✓ Property must be primary residence
- ✓ Sufficient home equity required
- ✓ Complete HUD-approved counseling
Who Should Choose This Loan?
Is the Reverse Mortgage Right for You?
- ✓ Homeowners aged 62 or older
- ✓ Those with significant home equity
- ✓ Retirees seeking supplemental income
- ✓ Homeowners wanting to age in place
Frequently Asked Questions
Reverse Mortgage FAQ
Do I lose ownership of my home with a reverse mortgage?
No. You retain full ownership of your home. The loan is repaid when you sell the home, move out permanently, or pass away.
What can I use the funds for?
The proceeds can be used for anything: living expenses, medical bills, home improvements, or supplementing retirement income.
How much can I borrow?
The amount depends on your age, home value, and current interest rates. Older borrowers with more equity can access more funds.
What are my obligations with a reverse mortgage?
You must continue paying property taxes, homeowner’s insurance, and maintain the property. The home must remain your primary residence.
Not sure if the Reverse Mortgage is right for you? Compare all loan programs →
Ready to Explore a Reverse Mortgage?
Get a personalized rate quote and see how much you qualify for.