How a Reverse Mortgage Works
Convert your home equity into cash without selling your home or making monthly payments
Stay in Your Home
Continue living in your home for as long as you want. You retain ownership and title.
No Monthly Payments
No mortgage payments required. The loan is repaid when you sell or move out.
Tax-Free Funds
Receive funds as a lump sum, monthly payments, or line of credit. Generally tax-free.
Reverse Mortgage Requirements
Eligibility Requirements:
- At least 62 years old
- Own your home outright or have significant equity
- Live in the home as your primary residence
- Home must be in good condition
- No federal debt delinquencies
Common Uses:
- Supplement retirement income
- Pay off existing mortgage
- Cover healthcare expenses
- Home repairs and improvements
- Travel and leisure activities