What is a Reverse Mortgage?
A reverse mortgage allows homeowners 62+ to convert home equity into cash. Unlike traditional mortgages, no monthly payments are required. The loan is repaid when you sell the home, move out, or pass away.
Do You Qualify?
Meet these basic requirements to be eligible for a reverse mortgage:
Age Requirement
Age 62 or older
Home Ownership
Own your home
Residence Type
Primary residence
Additional financial requirements may apply. Speak with our specialists to learn more.
Benefits of a Reverse Mortgage
Stay in Your Home
Live in your home as long as you wish
No Monthly Payments
No required monthly mortgage payments
FHA Insured
Government-backed security
Growing Line of Credit
Unused credit line grows over time
Reverse Mortgage Solutions
Choose the reverse mortgage option that best suits your retirement goals:
HECM Traditional
- Fixed or adjustable rates
- No monthly payments required
- Stay in your home
- Tax-free proceeds
HECM for Purchase
- Buy a new home
- One closing process
- Right-size your home
- No monthly payments
HECM Line of Credit
- Flexible access to funds
- Growth potential
- Use funds as needed
- No monthly payments
Getting Started is Simple
Our straightforward process makes it easy to understand your options:
Counseling & Application
Complete required HUD counseling and submit application (typically takes 1-2 hours)
Financial Assessment
Review income, credit, and property qualification (completed within 1 week)
Approval & Funding
Complete closing and access your funds (funding available within 3 business days of closing)
Frequently Asked Questions
A reverse mortgage allows homeowners 62+ to convert home equity into cash. Unlike traditional mortgages, no monthly payments are required. The loan is repaid when you sell the home, move out, or pass away.
Costs typically include origination fees, mortgage insurance premiums, appraisal fees, and other closing costs. Many of these can be financed as part of the loan.
You can choose from several payment options: lump sum, monthly payments, line of credit, or a combination of these. The choice depends on your financial needs and goals.
You must maintain the property, pay property taxes, keep homeowner’s insurance current, and use the home as your primary residence.
Heirs can choose to repay the loan and keep the home, or sell the home to repay the loan. They won’t be personally liable for any amount exceeding the home’s value.
Yes, reverse mortgage proceeds are generally tax-free because they’re considered loan proceeds, not income. However, consult with a tax advisor for your specific situation.
Ready to learn more about how a reverse mortgage can help you achieve financial freedom in retirement?