What is a Reverse Mortgage?

Meeting Your Financing Needs

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After years of paying off your mortgage, you have built up equity in your home. A reverse mortgage provides financial flexibility by allowing homeowners age 62 and older to borrow the equity in their home without having to make monthly mortgage payments. ​ 

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The amount of funds you are eligible for depends on the age of the borrowers, current interest rates and the value of the property. ​ HECM loans are insured by the Federal Housing Administration (FHA) and offer all the benefits of a traditional line of credit that you can get from a bank, but with added benefits. ​

As with any mortgage, you must meet your loan obligations, keep up with property taxes, insurance, maintenance, and any HOA fees.

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