Is a reverse mortgage is right for you?
Our experts can help.
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 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