Personal Banking

Is a reverse mortgage is right for you?

Our experts can help.

Couple meeting with advisorIf you're a homeowner age 62 or older, a reverse mortgage allows you to access the equity in your home to supplement your retirement income, finance home renovations, or pay for long-term health care coverage.

  • A reverse mortgage is a loan that lets senior homeowners convert home equity into cash while living at home for as long as they want to
  • You can receive payments as a lump sum, line of credit, or monthly payment for a specific term or for life
  • Funds are tax-free for a specific term or for life and can be used for any purpose Borrowers continue to own their own home
  • There is no monthly mortgage payment or credit qualifications, and the loan does not become due until the last borrower moves out, passes away, or sells the home.
  • Property taxes and homeowner insurance must still be paid, and the property maintained to prevent default on the loan.

Common Misconceptions About Reverse Mortgages

"The lender will take my home."

False - You are not required to repay the loan as long as one of the borrowers remains in the property and pays the taxes and insurance.

"I can owe more than my home is worth."

False - All reverse mortgages are non-recourse loans, which means that you can never owe more than what your home is worth regardless of the loan balance.

"A reverse mortgage is for someone who is poor."

False - Forward-thinking senior homeowners are choosing reverse mortgages to eliminate a monthly mortgage payment and convert the equity in their home into income. A reverse mortgage is a way for seniors to stay in their home and receive cash for any purpose - whether it's day-to-day living expenses, paying off existing debt, purchasing a second home, or traveling the world. Best of all, you retain the title to your home and remain living independently.

"I can use the money I receive from my reverse mortgage for any purpose."

True - Funds are tax-free* and can be used for any purpose. And, you can decide on a payment that is right for you. You can receive payments as a lump sum, line of credit, or monthly payment for a specific term or for life.

*Consult a tax professional.

"My children will be against the loan."

False - Based on the individuals we've already helped, children of seniors are usually in favor of this type of loan. The reverse mortgage provides the homeowner with financial independence, resulting in peace of mind for their children.

"My Social Security or Medicare will be lost."

False - A reverse mortgage is considered a loan and therefore is not included as income to determine eligibility for Medicare and Social Security.

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This material is not provided by, nor is it approved by the Department of Housing & Urban Development (HUD) or by the Federal Housing Administration (FHA). You should consult your benefits specialist, or financial advisor as Reverse Mortgage payments may have an effect on your particular situation.
*Consult your tax advisor or tax professional.

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