How It Works

A reverse mortgage is a unique FHA-Insured loan that enables older homeowners (62+) to convert a portion of the equity in their homes into cash – without having to sell the home, give up title/ownership, or take on a new monthly mortgage payment.

How Much Do I Qualify For?

There are 3 factors that go into determining how much someone qualifies for, they are:

Age of the youngest borrower
Home value
Interest rate

How Can I Receive the Money?

Lump sum taken at closing
Monthly advances
Line of credit, or
Combination of all three

Eligibility Requirements

At least one borrower on title must be age 62 or older
The home must be your principal residence and meet standards set by the U.S. Department of Housing and Urban Development (HUD) on property type/condition
Property types include: single-family homes, 2-4 unit properties, condominiums/townhouses, and manufactured homes (some additional requirements for condos and manufactured)

Existing Mortgages

Using a reverse mortgage to pay off or take the place of an existing mortgage may a solution for you. Of the proceeds available from the reverse mortgage all existing mortgages or liens must be paid off first, freeing up the burden of monthly payments.

*Please Note: The homeowners are responsible for the payment of property taxes, homeowner insurance, and the maintenance of the property.