What is a reverse mortgage?

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A reverse mortgage is a loan available to homeowners aged 62 and older that allows them to convert part of the equity in their home into cash. Unlike a traditional mortgage, there are no monthly mortgage payments. Instead, the loan is repaid when the borrower sells the home, moves out, or passes away.

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Why choose a reverse mortgage?

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• Financial Freedom: Access the funds you need to maintain your lifestyle, pay off debt, fund in-home care or medical expenses, and more.

• Stay in Your Home: Continue living in your home without monthly mortgage payments, you are only responsible for tax and insurance.

• Flexible Payout Options: Choose to receive your funds as a lump sum, monthly payments, or a line of credit.

• Non-Recourse Loan: You will never owe more than the value of your home.

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Will my heirs be responsible for repaying the loan?

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Your heirs are not personally liable for repaying the loan. A reverse mortgage is a non-recourse loan, meaning the lender can only recover the loan amount from the sale of the home. If the loan balance exceeds the home's value, FHA insurance covers the difference, ensuring your heirs are not burdened with the debt.