Reverse Mortgage

What Is a Reverse Mortgage?

Reverse mortgages are available for qualifying homeowners that meet the minimum age requirement and own their home – this is where your history of homeownership really pays off! This mortgage program helps homeowners gain access to their equity, stay in their home, and possibly eliminate a monthly mortgage payment.

Reverse Mortgages Are Great for Homebuyers Who:

• Are 62 years of age or older
• Occupy the home as their primary residence
• Want to purchase a new home with a flexible monthly mortgage payment or eliminate their monthly mortgage payment
• Want to convert equity into cash (while you retain ownership)

Advantages of Reverse Mortgages:

• No income, employment, or credit qualifying restrictions
• Home counseling required
• No repayment is required until the borrower no longer uses their home as a residence

*These materials are not from HUD or FHA and were not approved by HUD or a government agency.

With a Reverse mortgage, you defer monthly payments, and the amount owed becomes a lien on the property. Any equity you elect to have paid to you is then added to that lien amount with any interest accrued.