Reverse Mortgage

WHAT IS A REVERSE MORTGAGE

A reverse mortgage allows homeowners age 62 and older to access a portion of their home equity without monthly mortgage payments. It provides flexible options for retirement income, debt payoff, or preserving savings while staying in the home you love.

LEARN HOW REVERSE MORTGAGES WORK

Reverse mortgages convert part of your home equity into usable funds. You keep ownership of your home, and repayment happens when you move, sell, or no longer occupy the property as your primary residence.

SEE REVERSE MORTGAGE PAYMENT OPTIONS

You can receive funds as a lump sum, monthly payments, a line of credit, or a combination. Because there are no required monthly mortgage payments, reverse mortgages can help improve cash flow in retirement.

UNDERSTAND REVERSE MORTGAGE RATES

Rates depend on your age, home value, equity amount, and market conditions. Reverse mortgage rates are typically competitive because the program is federally insured.

SEE HOW REVERSE MORTGAGE RATES ARE SET

Lenders review your age, property type, home value, equity position, and financial assessment. Older borrowers with higher equity often qualify for more favorable terms.

REVERSE MORTGAGE ELIGIBILITY REQUIREMENTS

You must be at least 62, live in the home as your primary residence, and meet basic financial guidelines. Eligible property types include single‑family homes, approved condos, and certain multi‑unit homes.

CHECK REVERSE MORTGAGE REQUIREMENTS

REVERSE MORTGAGE FEES AND COSTS

Costs may include standard closing fees, mortgage insurance premiums, and servicing fees. Many costs can be financed into the loan, reducing upfront expenses.

REVIEW REVERSE MORTGAGE FEES

REVERSE MORTGAGES VS. HELOCs

Reverse mortgages offer no monthly payments and are designed for seniors, while HELOCs require monthly payments and have stricter credit and income requirements. Each option fits different financial goals.

COMPARE REVERSE MORTGAGE VS. HELOC

COMMON USES FOR REVERSE MORTGAGES

Reverse mortgages are often used for retirement income, medical expenses, home repairs, debt payoff, or preserving savings while remaining in the home.

EXPLORE REVERSE MORTGAGE USES

TAX CONSIDERATIONS

Funds from a reverse mortgage are typically not taxable because they are considered loan proceeds. Tax benefits vary based on your situation and current tax laws.

LEARN REVERSE MORTGAGE TAX RULES

HOW TO APPLY FOR A REVERSE MORTGAGE

You’ll complete a financial assessment, verify home details, attend required counseling, and review your payout options. Reverse mortgages offer flexible solutions for homeowners seeking financial stability in retirement.

START YOUR REVERSE MORTGAGE REQUEST