What Is a Reverse Mortgage?
A reverse mortgage (often a Home Equity Conversion Mortgage or HECM) is a loan available to homeowners aged 62 and older. It allows you to convert part of your home equity into cash without having to sell your home or make monthly mortgage payments.
Instead of you paying the lender each month, the lender pays you. The loan only becomes due when the last surviving borrower sells the home, moves out permanently, or passes away.
How It Helps You
- Supplement your retirement income
- Pay for unexpected medical expenses or home improvements
- Eliminate your current monthly mortgage payment entirely
Key Requirements
- Min. Age 62 or older
- Occupancy Must be primary residence
- Equity Must have substantial home equity
- Ongoing Duties Pay taxes, insurance, upkeep
Key Benefits
No Monthly Payments
You are not required to make monthly principal and interest payments as long as you live in the home.
Tax-Free Cash
The proceeds from a reverse mortgage are typically tax-free (consult your tax advisor).
Flexible Payouts
Choose between a lump sum, monthly payments, a line of credit, or a combination.
Non-Recourse Loan
You and your heirs will never owe more than the home is worth when it's sold to repay the loan.
Let's Talk About Your Options
A reverse mortgage is a significant decision. We are here to answer your questions with compassion and clarity, never with pressure.
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