Reverse Mortgage Loans
Access the equity in your home without a monthly mortgage payment.
What are Reverse Mortgage Loans?
A reverse mortgage lets homeowners age 62 and older convert part of their home equity into cash while continuing to live in the home. The most common type is the FHA-insured Home Equity Conversion Mortgage (HECM).
You receive funds as a lump sum, monthly payments, a line of credit, or a combination.
Benefits
- No required monthly mortgage payment
- Stay in your home and keep the title
- Funds can supplement retirement income
- Flexible ways to receive proceeds
- Proceeds are generally not taxable income
Requirements
- At least one borrower must be 62 or older
- The home must be your primary residence
- Sufficient equity in the home
- You must keep paying property taxes, insurance and maintenance
- Independent HUD-approved counseling is required
- The loan is repaid when the last borrower sells, moves out or passes away
Frequently asked questions
Do I still own my home?
Yes. You keep the title and remain responsible for taxes, insurance and upkeep.
When does the loan have to be repaid?
When the last borrower permanently leaves the home, sells it, or passes away.
Will my heirs owe more than the home is worth?
HECM loans are non-recourse, so the amount owed does not exceed the home's value when it is sold.
Is counseling required?
Yes. You must complete a session with an approved counselor before applying.
Programs, rates and eligibility are subject to change and to underwriting approval. This page is general information and not a commitment to lend.
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