Reverse Mortgage
For senior homeowners, a reverse mortgage offers a way to turn home equity into cash while continuing to live in the home—without the burden of monthly mortgage payments. This can help supplement retirement income, cover healthcare expenses, or provide added financial flexibility.
Access Your Home’s Equity Without Monthly Payments
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A reverse mortgage allows you to convert part of your home’s value into cash, which you can receive as monthly payments, a lump sum, or a line of credit. Unlike traditional loans, repayment isn’t required until you sell the home, move out, or pass away. However, borrowers must continue to meet loan obligations, including property taxes, homeowners insurance, and home maintenance. Interest accrues over time, and if these obligations aren’t met, the loan may become due.
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Key Benefits
No Monthly Mortgage Payments – Maintain homeownership with no required payments.
Tax-Free Cash Flow – Receive funds without impacting your taxable income.
Stay in Your Home – Continue living in the place you love while accessing its equity.
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Homeowners aged 62 or older.*
Must live in the home as a primary residence.
Sufficient equity in the home to qualify.
*Age requirements are determined by the type of reverse mortgage. For federally insured reverse mortgage borrowers, the minimum age is 62. For proprietary reverse mortgage borrowers, the minimum age may vary.
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The borrower must meet all loan obligations, including living in the property as the principal residence, maintaining the home, and paying property charges, including property taxes, fees, hazard insurance. If the homeowner does not meet these loan obligations, then the loan will need to be repaid.