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Reverse Mortgages

Unlock the Equity in Your Home—Without Giving It Up

A reverse mortgage lets homeowners - aged 62 and older access their home equity without selling or moving. Use the funds however you like: boost retirement income, cover medical costs, or enjoy life’s next chapter. Stay in your home while gaining financial flexibility.

Quick Overview

A reverse mortgage lets homeowners 62+ turn home equity into cash - without selling or making monthly mortgage payments. The loan grows over time as equity decreases and is repaid when the home is sold, the owner moves out, or passes away

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Qualify for a Reverse Mortgage

To qualify for a reverse mortgage, you must meet these key requirements:

Age & Residency

You must be at least 62 years old and live in the home as your primary residence.

Homeownership

You should own your home outright or have a small remaining mortgage that can be paid off with the reverse mortgage.

Financial & Property Eligibility

A basic financial assessment is required, and your home must meet certain property standards (typically single-family, select condos, or multi-unit homes where you live in one unit).

What Makes Reverse Mortgages Different?

A reverse mortgage isn’t just a loan—it’s a retirement strategy built around staying in your home and unlocking its value on your terms.

Monthly Payments

Reverse Mortgage: Not required

Traditional Loan: Required monthly payments

Benefit: Eliminates the burden of monthly payments, which can ease financial strain in retirement.

Homeownership

Reverse Mortgage: You remain the homeowner

Traditional Loan: You remain the homeowner

Benefit: Maintain ownership and control of your home with both loan types.

Repayment Timing

Reverse Mortgage: Repaid when you move out, sell, or pass away

Traditional Loan: Repaid monthly over the loan term

Benefit: No payments due until you leave the home, freeing up monthly cash flow.

Access to Equity

Reverse Mortgage: Receive funds as a lump sum, line of credit, or monthly payment

Traditional Loan: Access equity by refinancing, taking out a home equity line of credit (with monthly payments), or selling the home.

Benefit: Flexible options for accessing the value you’ve built in your home.

Government Insured Options

Reverse Mortgage: FHA-insured HECM programs available

Traditional Loan: Government-backed options available (FHA, VA, USDA)

Benefit: Federal insurance provides protections for both borrower and heirs.

Heirs Can Inherit

Reverse Mortgage: Yes — heirs can sell or refinance to keep the home

Traditional Loan: Yes — heirs can take over payments or sell

Benefit: Your heirs still have options to keep or sell the home, just like with a traditional loan.

Most reverse mortgages come with built-in safeguards and federally required counseling to ensure you understand the process.

How It Works

There are 6 steps to getting approved for a Reverse Mortgage

Tap each picture to view additional information on each step.

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Step 1: Application Process

Begin by submitting an application for a reverse mortgage to assess your eligibility.

Step 2: Counseling Requirement

Attend a counseling session with an independent HUD-approved counselor. This step is crucial to ensure that you understand the details, responsibilities, and implications of obtaining a reverse mortgage.

Step 3: Home Appraisal

A professional appraisal determines your home’s current market value, which will influence the amount you can borrow.

Step 4: Loan Approval

Upon approval, you will receive a Closing Disclosure that outlines the loan details and terms.

Step 5: Funding the Loan

Choose your preferred method of receiving funds, whether as a lump sum, monthly disbursements, or a line of credit.

Step 6: Repayment

The loan is repaid through the sale of the home, at which point the proceeds will cover the outstanding balance. If the home sells for more than the loan amount, heirs can receive the remaining equity.

Curious How Much

You Could Qualify For?

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Reverse Mortgage FAQ's

We understand that navigating reverse mortgages can come with many questions and concerns. This FAQ section addresses common inquiries to provide you with the clarity and confidence needed to make informed decisions about your financial future.

What is a HECM?

A HECM (Home Equity Conversion Mortgage) is a federally insured reverse mortgage program designed for homeowners age 62 and older. It allows you to convert a portion of your home’s equity into tax-free funds—without the obligation of monthly mortgage payments.

You can receive the money as a lump sum, monthly payments, a line of credit, or a combination. Many homeowners use HECM funds for medical expenses, home improvements, daily living costs, travel, or simply to increase financial flexibility in retirement. The loan is typically repaid when the home is sold, the homeowner moves out permanently, or passes away.

Am I required to make monthly payments?

No, monthly mortgage payments are not required with a reverse mortgage. However, you can choose to make voluntary payments toward the loan balance at any time. Many homeowners do this to manage the loan balance or preserve equity. Keep in mind, you’re still responsible for property taxes, homeowners insurance, and basic home maintenance.

Can I purchase a home with a reverse mortgage?

Yes, you can use a reverse mortgage—specifically a Home Equity Conversion Mortgage for Purchase (HECM for Purchase)—to buy a new primary residence. This allows you to combine a one-time down payment with a reverse mortgage to purchase the home, without the need for monthly mortgage payments. You must still meet eligibility requirements, and the home must be your primary residence.