Reverse Mortgage
Reverse Mortgage
Convert your home equity into tax-free income — no monthly mortgage payments required.
What It Is
A reverse mortgage (HECM — Home Equity Conversion Mortgage) allows homeowners 62 and older to convert a portion of their home equity into tax-free funds. Unlike a traditional mortgage, no monthly mortgage payments are required — the loan is repaid when the home is sold or the borrower moves out.
Who Qualifies
Homeowners age 62 or older who own their home outright or have significant equity. The home must be the primary residence. HUD-approved counseling is required before proceeding.
Basic Requirements
—Borrower must be 62 years of age or older
—Primary residence only
—Significant home equity required
—HUD-approved counseling required
—Must maintain home, pay taxes and insurance
Key Benefits
No monthly mortgage payments required
Tax-free proceeds (consult a tax advisor)
Stay in your home as long as you wish
Funds can be received as lump sum, line of credit, or monthly payments
Non-recourse loan — you never owe more than the home is worth
FHA-insured HECM program
Ready to Get Started?
Talk to a loan officer today. We'll review your situation and find the best program for you — no obligation.