Reverse mortgages may allow homeowners age 62 and older to convert a portion of their home equity into cash while continuing to live in their home. Depending on the loan program, borrowers may not be required to make monthly mortgage payments, helping support financial flexibility during retirement.
A Loan Based on Your Home’s Equity
A reverse mortgage allows homeowners aged 62 or older to convert part of their home equity into cash without selling or making monthly mortgage payments.
No Monthly Repayment Required
Unlike traditional loans, repayment isn’t due until you move out, sell the home, or pass away — as long as loan terms are met.
Stay in Control of Your Home
You retain ownership of your home and can use the funds for anything from living expenses to medical costs or home improvements.
Retirees on a Fixed Income
A reverse mortgage can provide additional cash flow for seniors looking to supplement retirement income without monthly mortgage payments.
Homeowners with Significant Equity
If you’ve built up equity in your home, a reverse mortgage offers a way to access those funds for personal needs or long-term goals.
Those Planning to Age in Place
It’s ideal for homeowners who want to remain in their home long-term while using equity to improve quality of life or cover essential costs.
Borrow Against Your Home Equity
Instead of making payments, you receive funds based on your home’s equity. The amount depends on your age, home value, and loan type.
No Monthly Mortgage Payments
You don’t need to repay the loan each month. The balance grows over time and is repaid when you sell, move out, or pass away.
You Keep Ownership
As long as you meet the loan terms — including living in the home and maintaining it — you remain the homeowner.
Home Equity Conversion Mortgage (HECM)
A government-insured reverse mortgage available to homeowners aged 62 and older. This is the most common type and offers flexible payout options.
Proprietary Reverse Mortgage
A private reverse mortgage designed for higher-value homes. These loans are offered by individual lenders and may allow for larger loan amounts.
Single-Purpose Reverse Mortgage
Typically offered by state and local government agencies or nonprofits, these are limited-use loans for specific needs such as home repairs or paying property taxes.
No Monthly Mortgage Payments
Borrowers are not required to make monthly mortgage payments, helping reduce financial strain during retirement.
Access to Home Equity
Convert part of your home’s equity into tax-free cash to cover living expenses, medical bills, or home improvements.
Stay in Your Home
You remain the owner and can stay in your home as long as it’s your primary residence and you meet loan terms.
You’re 62 or Older
Reverse mortgages are designed for homeowners aged 62 and up who want to tap into their home equity without selling.
You Have Sufficient Home Equity
If you’ve built up equity in your home, a reverse mortgage can provide access to that value as tax-free funds.
You Plan to Stay Long-Term
Reverse mortgages work best if you intend to live in your home as your primary residence for the foreseeable future.
This general information is NOT a substitute for the advice of an attorney, accountant, and/or financial planner. Before you decide to pursue a reverse mortgage, you should carefully consider your individual circumstances so you can make a wise decision about the most valuable asset you may own, your home. Factors to consider include whether the proposed reverse mortgage is a recourse or nonrecourse loan, whether the loan would have a fixed or adjustable interest rate, and/or the current and projected market value of your home.
The lender will charge an origination fee, a mortgage insurance premium, closing costs or servicing fees for the reverse mortgage, all or any of which the lender will add to the balance of the reverse mortgage loan.
The balance of the reverse mortgage loan grows over time and the lender charges interest on the outstanding loan balance.
At the conclusion of the term of the reverse mortgage loan contract, some or all of the equity in the property that is the subject of the reverse mortgage no longer belongs to the person and the borrower may need to sell or transfer the property to repay the proceeds of the reverse mortgage from the proceeds of the sale or transfer or you must otherwise repay the reverse mortgage with interest from other personal assets. In order to retain the home when the reverse mortgage becomes due that (1) the consumer or the consumer’s heirs or estate must pay the entire loan balance and (2) the balance may be greater than the value of the consumer’s home.
The consumer retains title to the property that is the subject of the reverse mortgage until the person sells or transfers the property and is therefore responsible for paying property taxes, insurance, maintenance and related taxes. Failing to pay these amounts may cause the reverse mortgage loan to become due immediately and may subject the property to a tax lien or other encumbrance or to possible foreclosure. Interest on a reverse mortgage is not deductible from the consumer’s income tax return until the consumer repays all or part of the reverse mortgage loan
We specialize in helping homeowners aged 62+ access their home equity through Reverse Mortgage solutions tailored to their financial goals. Whether you want to supplement your income, eliminate monthly mortgage payments, or fund retirement expenses, we provide expert guidance and competitive loan options.
From application to closing, we ensure a smooth, stress-free process, helping you secure the financial flexibility you need while staying in your home.
If you’re ready to explore Reverse Mortgage options, contact us today to find out how you can unlock your home’s equity and enjoy a more comfortable retirement!
A reverse mortgage may allow eligible homeowners to convert a portion of their home equity into cash without selling their property. These loans are typically designed for older homeowners who want to access equity while continuing to live in their home. Below are answers to common questions about how reverse mortgages work, eligibility requirements, and repayment terms.
A reverse mortgage is a type of home loan that may allow eligible homeowners to access a portion of their home equity as cash. Instead of making monthly mortgage payments to a lender, the loan balance may increase over time as interest and fees are added.
Reverse mortgages are generally available to homeowners who are at least 62 years old and have significant equity in their home. Borrowers must typically live in the property as their primary residence and meet lender and program guidelines.
With a reverse mortgage, homeowners may receive funds through a lump sum, monthly payments, or a line of credit depending on the loan program. The loan balance increases over time and is typically repaid when the homeowner sells the property, moves out, or no longer occupies the home as their primary residence.
Yes. Homeowners typically retain ownership of the property as long as they continue to meet loan requirements such as living in the home as their primary residence, maintaining the property, and paying property taxes and insurance.
The amount available through a reverse mortgage may depend on factors such as the homeowner’s age, the value of the property, interest rates, and the specific loan program.
The reverse mortgage typically becomes due when the homeowner sells the property, permanently moves out, or no longer occupies the home as their primary residence. At that time, the home may be sold to repay the loan balance.
In many cases, heirs may choose to repay the reverse mortgage balance and keep the home. If they do not wish to keep the property, the home may be sold and the proceeds used to repay the loan.
Some reverse mortgages are part of the Home Equity Conversion Mortgage program, which is insured by the Federal Housing Administration. Other proprietary reverse mortgage programs may be offered by private lenders.
The process for obtaining a reverse mortgage may take several weeks depending on counseling requirements, documentation, property appraisal, and underwriting review.
