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If 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 allows senior homeowners to 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 monthly payment 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, income or credit qualifications, and the loan does not becomes due until the (last) borrower moves out, passes away or sells the home.
Common Misconceptions About Reverse Mortgages