Reverse Mortgage
Loan benefits
- Continue living in your home with no monthly mortgage payments required.
- Access cash to cover healthcare, renovations, or daily expenses for increased financial flexibility.
- Use funds to pay off debts and handle unexpected expenses more easily, improving your cash flow.
- Payments are optional until you leave your home, providing peace of mind with no monthly mortgage payments.
- You never owe more than your home’s value, even if market prices fall, protecting you against market drops.
- The money received is typically tax-free, enhancing your spending power.
- Choose from lump sum, line of credit, or ongoing payments for flexible payment options.
Eligibility requirements
- Must be 55 years of age or older.
- The home must be your primary residence.
- The property must be a single-family home, a 2 to 4-unit property, or an FHA-approved condo.
- Must have substantial home equity, usually at least 50%.
- Must meet financial eligibility criteria set by the lender.
- Required to maintain property taxes, insurance, and upkeep.
- Must attend a consumer information session given by a HUD-approved HECM counselor.
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