What is a Reverse Mortgage?
A reverse mortgage is a special home loan designed for homeowners age 62 and older. It allows you to convert a portion of your home’s equity into cash, without requiring monthly mortgage payments.
Unlike a traditional mortgage where you pay the lender each month, a reverse mortgage works the opposite way. The lender pays you.
You still own your home, your name stays on the title, and you remain responsible for property taxes, homeowners insurance, and basic upkeep.
How Does a Reverse Mortgage Work?
The loan amount is based on several factors, including:
• Your age (or the age of the youngest borrower)
• The value of your home
• Current interest rates
• The type of reverse mortgage program you choose
Funds can be received in different ways, such as:
• A lump sum
• Monthly payments
• A line of credit
• Or a combination of options
The loan balance increases over time as funds are used, but repayment is not required until the home is sold, no longer your primary residence, or the last borrower passes away.
What Happens When the Loan Comes Due?
When the loan becomes due, you or your heirs have options:
• Sell the home and use the proceeds to repay the loan
• Refinance the loan if eligible
• Pay off the balance with other funds
• Keep the remaining equity after the loan is satisfied
A reverse mortgage is a non-recourse loan. This means you or your heirs will never owe more than the value of the home.
Common Reasons People Consider a Reverse Mortgage
Many homeowners use a reverse mortgage to:
• Supplement retirement income
• Eliminate an existing mortgage payment
• Cover medical or long-term care expenses
• Create a financial cushion or line of credit
• Age in place with more financial comfort
Is a Reverse Mortgage Right for You?
A reverse mortgage is not one-size-fits-all. It works best for homeowners who plan to stay in their home long-term and want to use their equity as part of a broader retirement or financial strategy.
All borrowers are required to complete independent HUD-approved counseling before moving forward. This ensures you fully understand the loan and can make an informed decision.
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