Reverse Mortgage Loans
Unlock Your Home Equity Without Monthly Mortgage Payments
Many homeowners are discovering that a reverse mortgage loan can be a helpful way to access the equity they’ve built in their homes over the years.
A reverse mortgage loan works differently than a traditional home loan. Instead of making monthly mortgage payments to a lender, qualified homeowners may receive funds through monthly payments, a lump sum, a line of credit, or a combination of payment options.
If you are 62 or older and own your home, you may qualify for a reverse mortgage loan.
How Reverse Mortgage Loans Work
A reverse mortgage loan allows eligible seniors to convert a portion of their home equity into accessible funds without taking on a required monthly mortgage payment.
The loan is repaid when the borrower sells the home, moves out permanently, or no longer uses the property as their primary residence.
Borrowers are still responsible for:
- Property taxes
- Homeowners insurance
- Home maintenance
- HOA dues, if applicable
Reverse Mortgage Loan Benefits
A reverse mortgage loan may help homeowners:
- Access tax-free funds*
- Increase retirement cash flow
- Pay off an existing mortgage
- Reduce monthly financial obligations
- Stay in their home during retirement
- Create additional financial flexibility
*Please consult a tax advisor regarding your individual situation.
Who May Be Eligible?
Basic qualifications may include:
- Being at least 62 years old
- Living in the home as your primary residence
- Having sufficient home equity
- Meeting program financial requirements
A reverse mortgage specialist can review your eligibility and available options.
Common Uses for Reverse Mortgage Funds
Homeowners may use reverse mortgage proceeds for:
- Retirement income
- Home renovations
- Medical expenses
- Paying off debt
- Emergency savings
- Everyday living expenses
A reverse mortgage loan is designed to allow seniors to draw upon the equity in their homes. You can receive proceeds as a lump sum, monthly installments, line of credit, or combination, providing cash flow even after retirement. Ages 62+
Many homeowners have found that a reverse mortgage loan is a great way for them to take advantage of the equity they have built up in their homes.
A reverse mortgage loan is different than a traditional mortgage. Instead of making monthly payments to a lender, the lender pays you money through monthly installments, a one-time lump sum payment, a line of credit, or a combination. If you're aged 62 or older and own your home, you might be eligible for a reverse mortgage loan.
A reverse mortgage loan allows seniors to draw upon the equity in their homes without the burden of monthly mortgage payments. The money you receive is dependent on your age, the value of your home, and current interest rates.
One of the great advantages of a reverse mortgage loan is that you are not required to pay the loan back until the home is no longer your primary residence, you fail to maintain the home, or fail to pay property taxes and homeowner's insurance, or do not otherwise comply with the terms of the loan.
Typically, those who benefit most from a reverse mortgage loan are those who plan to stay in their homes over an extended period and have built a decent amount of equity in their homes. This federally insured HECM reverse mortgage loan can help you unlock that equity by increasing your monthly cash flow.
To qualify for a reverse mortgage loan, you must:
- Be 62 years of age or older
- Own your home (the property must be your primary residence)
- Have sufficient equity in your home
- Meet with a HUD-approved counselor
Property types typically include single-family units and HUD-approved condominiums.
Rest easy knowing you're protected with a federally insured reverse mortgage. You can access the equity in your home and stay in your home as long as you want, while receiving an annuity-like stream of cash flow for as long as you remain in the home and comply with loan terms.
A reverse mortgage loan may help provide additional cash flow during retirement while allowing you to remain in your home. Many homeowners use a reverse mortgage loan to access the equity they have built over time without taking on monthly mortgage payments.
Choose the option that works best for your financial goals:
- Lump sum
- Monthly payments
- Line of credit
- Combination of payment options
