Reverse Mortgage

A reverse mortgage allows you to convert part of the equity in your home into cash without having to sell your house or pay additional monthly bills. This loan enhances the retirement income for homeowners aged 62 and older.

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Loan benefits

Continue living in your home with no monthly mortgage payments required.
Access cash to cover healthcare, renovations, or daily expenses for increased financial flexibility.
Use funds to pay off debts and handle unexpected expenses more easily, improving your cash flow.
Payments are optional until you leave your home, providing peace of mind with no monthly mortgage payments.
You never owe more than your home’s value, even if market prices fall, protecting you against market drops.
The money received is typically tax-free, enhancing your spending power.
Choose from lump sum, line of credit, or ongoing payments for flexible payment options.

Eligibility
requirements

Must be 62 years of age or older.
The home must be your primary residence.
The property must be a single-family home, a 2 to 4-unit property, or an FHA-approved condo.
Must have substantial home equity, usually at least 50%.
Must meet financial eligibility criteria set by the lender.
Required to maintain property taxes, insurance, and upkeep.
Must attend a consumer information session given by a HUD-approved HECM counselor.

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