Retire Better with a Reverse Mortgage

About Reverse Mortgage

What is a Reverse Mortgage?

A Reverse Mortgage may be a great option for you if:

  • You’re 62 or older
  • You want to buy a new home with flexible monthly payments (including no payments) or
  • You own your home and have enough equity in it, and you want to turn some of that equity into funds you can use now or a line of credit that will be there when you need it; and you live in the home as your primary residence.

What are benefits and features of a Reverse Mortgage?

  • A Reverse Mortgage (HECM) is insured by the Federal Housing Administration (FHA) and provides all of the benefits of a regular line of credit from a bank, as well as additional features such as flexible payments.
  • You have the option of receiving your funds in the form of a lump sum, a line of credit, monthly advances, or a combination of these.
  • The non-recourse feature protects you from having to pay the difference if the loan sum ever exceeds the value of your house when the loan is due.
  • You must meet your loan responsibilities, including property taxes, insurance, maintenance, and any homeowners association (HOA) fees, just as you would with any other mortgage.
  • There are several additional restrictions and standards that must be met.

*Loan terms are subject to change. This information is meant for educational purposes and is not a commitment to lend. To qualify for a conventional mortgage loan, please reach out to our licensed loan officers, or apply online. 

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