Loan Programs

Reverse Mortgage

Turn part of your home equity into cash, for homeowners 62 and older.

A reverse mortgage lets homeowners 62 and older convert part of their home equity into cash while continuing to live in the home. Most are Home Equity Conversion Mortgages (HECMs) insured by the FHA.

You don't make monthly mortgage payments. The loan is repaid when you sell the home, move out permanently or pass away. You still pay property taxes, homeowners insurance and upkeep.

Requirements

What lenders look for

1AgeAt least one borrower must be 62 or older.

2Home equityYou must own the home outright or have substantial equity in it.

3Financial assessmentLenders confirm you can keep paying property taxes, insurance and maintenance.

4CounselingYou must complete a session with a HUD-approved counselor before applying.

Benefits

Why borrowers choose it

Supplemental income

Use the funds for living expenses, medical bills or home updates.

No monthly mortgage payment

Easier on a fixed income. Taxes, insurance and upkeep are still your responsibility.

Flexible payout

Take a lump sum, monthly payments, a line of credit or a combination.

Guidelines shown are typical and vary by lender. Loan approval, rates and terms depend on credit, income, property and lender guidelines. Program availability and requirements are subject to change. This is not a commitment to lend.

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