Use the Equity in Your Home to Give You the Retirement You Deserve.

Eligibility depends on the type of reverse mortgage. For a Home Equity Conversion Mortgage (HECM), the most common type of reverse mortgage, at least one borrower must generally be 62 or older. Additional requirements related to the home, equity, finances, and occupancy also apply.

Depending on the loan, funds may be available as a lump sum, monthly payments, a line of credit, or a combination of these options. Available options can vary based on the reverse mortgage program.

Yes. You retain ownership and title to your home as long as you meet the terms of the loan. This includes continuing to pay property taxes, homeowners insurance, and applicable HOA fees, and maintaining the home.

Generally, reverse mortgages do not require monthly principal and interest payments. However, interest and other charges are added to the loan balance over time. You must continue meeting other financial obligations associated with the home.

Possibly. An existing mortgage or other eligible liens generally must be paid off as part of the reverse mortgage transaction. Your available home equity will help determine whether this is possible.

The loan typically becomes due when the last eligible borrower permanently leaves the home, sells the property, or passes away. Certain other circumstances, such as failing to meet loan obligations, may also cause the loan to become due.

Your heirs generally have options. They may choose to repay the loan and keep the home, sell the property and use the proceeds to repay the loan, or pursue other options available under the loan terms.