Loan program
Reverse Mortgage
For homeowners 62 and older, a reverse mortgage turns the equity you've already built into usable income — while you continue living in your home, with no required monthly mortgage payment.
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How it works
A reverse mortgage lets you borrow against your home's equity, with the loan balance growing over time instead of you making monthly payments toward it. You keep the title and continue living in the home. The loan becomes due when you sell the home, move out permanently, or pass away — at which point the home is typically sold to repay the balance, with any remaining equity going to you or your heirs.
What you're still responsible for
Even without a monthly mortgage payment, you're still on the hook for property taxes, homeowners insurance, and basic upkeep. Falling behind on those can put the loan into default, so this only works well if that ongoing responsibility fits your budget.
Who this fits well
- Homeowners 62 or older with significant equity who want to supplement retirement income
- Homeowners who plan to stay in the home long-term and want to eliminate their monthly mortgage payment
- Anyone who's spoken with a HUD-approved counselor and understands how it affects what's left for heirs
Required counseling
Federally-insured reverse mortgages (HECMs) require independent, HUD-approved counseling before you can proceed — a safeguard to make sure you fully understand the terms before committing. I'll help you find a counselor as part of the process.
Considering a reverse mortgage?
Let's talk through whether it actually fits your retirement plans.