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.