Reverse Mortgage: Access Home Equity with No Monthly Mortgage Payments
Quick Facts
- No monthly mortgage payments
- Must be 62 or older
- Access tax‑free home equity
- Keep ownership of your home
- Repayment happens when the home is sold
What Is a Reverse Mortgage?
A Reverse Mortgage allows homeowners age 62 or older to access a portion of their home equity without making monthly mortgage payments. The loan is repaid when the home is sold, refinanced, or no longer the borrower’s primary residence.
Reverse Mortgage Benefits
- No monthly mortgage payments required
- Access tax‑free home equity
- Stay in your home as long as you meet program rules
- Flexible payout options (lump sum, monthly, line of credit)
- Helps supplement retirement income
Reverse Mortgage Eligibility Requirements
- Must be 62 or older
- Home must be a primary residence
- Sufficient home equity
- Property must meet FHA guidelines (for HECM loans)
- Counseling session required
- Borrower must maintain taxes, insurance, and upkeep
How a Reverse Mortgage Works
A Reverse Mortgage converts a portion of your home equity into cash with no monthly mortgage payments. The loan balance grows over time and is repaid when the home is sold or no longer occupied as a primary residence. Borrowers must maintain taxes, insurance, and property condition.
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