What is a Reverse Mortgage?
A reverse mortgage is a loan designed for homeowners age 62 and older that allows them to convert a portion of their home equity into cash while continuing to live in their home. Unlike a traditional mortgage where the homeowner makes monthly payments to the lender, a reverse mortgage works in the opposite way — the lender provides funds to the homeowner.
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The money received from a reverse mortgage can be used for many purposes, including supplementing retirement income, paying off an existing mortgage, covering healthcare expenses, financing home improvements, or creating greater financial flexibility during retirement.
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Homeowners remain the owners of the home and can continue living there as long as they meet the loan requirements, including paying property taxes, homeowners insurance, and maintaining the property. The loan is typically repaid when the home is sold, the homeowner moves out permanently, or the last borrower passes away.
You remain in control.
✔ You remain in control.
✔ You keep the title to your home
✔ You decide how to use the money
✔ The loan is repaid when the home is sold or no longer your primary residence
Key Benefits
No Required Monthly Mortgage Payments
Stay in the Home
You Love
With reverse mortgages, qualified owners tap into home value and skip mandatory monthly bills. This provides extra funds each month, making it much easier to manage costs during retirement.
Homeowners continue to keep ownership of their home and can remain in the property as long as they meet loan requirements, including paying property taxes, homeowners insurance, and maintaining the home.
Flexible Payout Options
Increase Financial Flexibility in Retirement
Reverse mortgage funds can be received in several ways, including a lump sum, monthly payments, a line of credit, or a combination of these options based on individual financial goals.
A reverse mortgage can help supplement retirement income, reduce financial stress, and provide greater peace of mind by turning home equity into accessible funds.
Access Tax-Free Cash*
Funds received from a reverse mortgage are generally considered loan proceeds and are typically not taxable income. Homeowners can use the funds for retirement expenses, healthcare costs, home improvements, travel, or other financial needs.
Pay Off an
Existing Mortgage
Many homeowners use a reverse mortgage to pay off their current mortgage, eliminating existing monthly mortgage payments and improving overall cash flow.
Initial Consultation
We discuss your goals and see if a reverse mortgage is right for you.
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Pre-Qualification
We review your eligibility and estimate available loan options.
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How It Works
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Counseling & Approval
You complete a HUD-approved counseling session, and we guide you through the approval process.
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Loan Closing
Your loan is finalized, and you receive your funds while continuing to live in your home.
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