Access Your Home Equity

The Truth About Reverse Mortgages

You still own your home 100%, the deed remains in your name

You can use loan proceeds from any purpose

The equity in your home determines the loan size

You must be 62 or older to qualify

Mortgage payments are optional, you are not required to make them

You can payoff your mortgage loan at anytime

Your home must be your primary residence

All loan proceeds are tax free

What Is A Reverse

A reverse mortgage is a financial product specifically designed for homeowners who are 62 years of age or older. It allows them to convert a portion of their home equity into tax-free cash without the need to sell their home, give up title, or make monthly mortgage payments. Instead of the borrower making payments to the lender, the lender makes payments to the borrower.

Here’s how it works: Instead of receiving a loan to purchase a home, as with a traditional mortgage, a reverse mortgage allows homeowners to borrow against the equity they have built up in their homes over the years. The amount of money a homeowner can borrow depends on factors such as their age, the value of their home, and current interest rates.


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How to Qualify For A Reverse Mortgage

To qualify for a reverse mortgage, you must be at least 62 years old, own your home, have at equity in your home, and reside there as your primary residence. You will also be required to attend a counseling session with a HUD-approved counselor to ensure that you fully understand if a reverse mortgage is right for you based on your unique financial and personal circumstances. After applying for a reverse mortgage, you will still be required to pay property taxes and to keep the house in good condition until the loan is repaid.  

How Do Reverse
Mortgages Work?

The amount a homeowner can borrow depends on factors such as their age, the value of the home, and current interest rates. Generally, the older the homeowner and the more valuable the home, the higher the loan amount.

Payments can be received as a lump sum, in monthly payments, as a line of credit, or a combination of those.

One of the significant advantages of a reverse mortgage is that the borrower is not required to make monthly mortgage payments. Instead, the loan balance accumulates over time. The borrower retains ownership of the home and continues to live there as long as it remains their primary residence.

The reverse mortgage loan is repaid if the home is sold, the home is no longer a primary residence, or when the homeowner passes away.  After the reverse mortgage loan is repaid, any remaining equity belongs to the homeowner or their heirs. If the home value has appreciated, there may be additional proceeds available.

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