Reverse Mortgage
Unlock your home equity and convert it into cash, adding to your retirement income and your peace of mind.
Get a quoteBenefits
- Convert home equity into cash without monthly mortgage payments.
- Choose from various disbursement options, including lump sum, line of credit, or monthly payments.
- Retain ownership and continue living in your home for as long as you like.
- Repayment is typically deferred until you sell the home or no longer occupy it.
- FHA insurance protects borrowers and lenders in case the home's value decreases.
Eligibility requirements
- Age Requirement: Borrowers must be 62 years or older.
- Homeownership: You must own your home outright or have a low mortgage balance that can be paid off with proceeds from the reverse mortgage.
- Financial Assessment: Lenders evaluate income, assets, and credit history to ensure borrowers can meet ongoing obligations, such as property taxes and insurance.
- Occupancy: The home must be your primary residence.
- Counseling: Borrowers must undergo HUD-approved counseling to ensure they understand the terms and implications of a reverse mortgage.
Example
Meet James & Maria
James and Maria, retirees looking to supplement their income, opt for a reverse mortgage. With no monthly mortgage payments and the ability to stay in their home, they enjoy financial security in their golden years.
How can we help you today?
Get pre-approved
See how much you can afford and shop for homes with confidence.
Apply for pre-approval
