See If a Reverse Mortgage Could Work for You
Turn a portion of your home equity into usable funds while continuing to own and live in your home. See your potential options with no obligation.
For eligible homeowners age 62+. Existing mortgages may be paid off using reverse mortgage proceeds.
How a Reverse Mortgage Works
- 1Your home and equity are reviewed
Eligibility and available proceeds depend on factors including age, home value, existing mortgage balance, interest rates, and program requirements.
- 2Existing mortgage debt may be paid off
If you currently have a mortgage, reverse mortgage proceeds are generally used to satisfy that existing mortgage first.
- 3Remaining proceeds may be available to you
Depending on eligibility and program structure, remaining proceeds may be available through options such as a line of credit, lump sum, monthly distributions, or a combination.
Borrowers remain responsible for property taxes, homeowners insurance, applicable HOA dues, and maintaining the home.
A Reverse Mortgage May Be Worth Exploring If You Want To:
- Pay off an existing mortgage
- Access home equity without selling
- Reduce required monthly debt payments
- Increase retirement cash flow
- Establish a line of credit
- Pay for home improvements
- Create additional financial reserves
- Remain in your current home
Reverse Mortgage Questions
Yes. A reverse mortgage is a loan secured by your home. You retain ownership as long as you continue meeting the loan requirements.
A traditional Home Equity Conversion Mortgage generally does not require monthly principal and interest mortgage payments. Borrowers must continue paying property taxes, homeowners insurance, applicable HOA dues, and maintain the home.
Potentially. Existing mortgage liens generally must be paid off using reverse mortgage proceeds and/or other available funds.
It depends on factors including age, home value, existing liens, interest rates, program limits, and loan eligibility.
Yes. The reverse mortgage can generally be paid off from the proceeds of a future sale.
Heirs generally have options that may include selling the property, repaying the reverse mortgage, or otherwise resolving the loan according to the loan terms and applicable program requirements.
No. The homeowner retains title to the property.
Want to See Whether a Reverse Mortgage Could Work for You?
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This website is for informational purposes and is not a commitment to lend. Loan availability, proceeds, rates, fees, and terms are subject to borrower and property eligibility, program requirements, and underwriting approval. Reverse mortgage borrowers remain responsible for property taxes, homeowners insurance, applicable HOA dues, and property maintenance. Not endorsed by or affiliated with HUD, FHA, or any government agency.