Keep your home.
Access its value.
A reverse mortgage turns equity into cash. It does not turn over the deed.
- Stay in your home and keep ownership*
- You (or your heirs) won't owe more than the home is worth
- Repayment happens only when the home is sold, vacated, or inherited
*You remain the owner of your home and must continue paying property taxes, homeowners’ insurance, and maintenance costs.
See how much you may qualify for
What Is a Reverse Mortgage?
A simple way for homeowners 62+ to turn home equity into cash without monthly mortgage payments.*
- Designed for homeowners age 62 and older
- Access a portion of your home equity as cash
- No required monthly mortgage payments*
- Funds are generally tax free
- You continue living in your home
*You remain responsible for property taxes, homeowners insurance, and maintenance
How Does a Reverse Mortgage Work?
Getting Started is Straightforward.
Qualification requirements:
- Be 62 years or older
- Own your home
- Have sufficient home equity
How Payments Work
- You receive loan payments based on a percentage of your equity
- Choose how you want to receive funds
- Repayment happens only when the home is sold, vacated, or inherited
Loan Eligibility Requirements:
- Your age
- Your home's value
- Current interest rates
- Property qualifications
Pros and Cons of a Reverse Mortgage
Every major financial decision should be informed. Here's a simple breakdown.
Pros
- Stay in your home and keep ownership
- You can access additional cash
- No additional monthly payment*
- You (or your heirs) won't owe more than the home is worth
*You are still responsible for property taxes, homeowners insurance, and home maintenance. Consult a financial advisor. The costs of the program, eligibility requirements, and other terms also apply.
Cons
- Fees (origination fees, closing costs, and mortgage insurance premiums)
- Interest isn't tax-deductible until you repay the loan
What Is the Process of Getting a Reverse Mortgage?
A clear step by step process designed to protect borrowers.
Check Eligibility
Review your age, home type, and available equity to see if a reverse mortgage fits.
Complete HUD Approved Counseling
A required independent session explains your options and protections.
Submit Your Application
An advisor explains how much you may qualify for and answers your questions.
Appraisal And Underwriting
Your home is appraised and your application is reviewed against program guidelines.
Close The Loan
Sign the final documents and confirm how you would like to receive your funds.
Receive Your Funds
Funds become available, typically a few days after closing.