Is a Reverse Mortgage Right for You?
- The Lowdown on Reverse Mortgage Loans…
Why a Reverse Mortgage?
A reverse mortgage may help eligible homeowners age 62+ access a portion of the home equity they’ve built over time. Depending on the program and your situation, the loan proceeds may be used to pay off an existing mortgage balance at closing and/or provide additional funds for goals like improving monthly cash flow, covering expenses, or making home updates.
It’s not the right solution for everyone—so we focus on helping you understand how it works and what to expect before you decide.
How the Reverse Mortgage Process Works
A reverse mortgage is a home loan available to qualifying homeowners 62 and older. The most common option is the Home Equity Conversion Mortgage (HECM), which is insured by the FHA.
In many cases, borrowers are not required to make monthly principal and interest payments while they continue to live in the home as their primary residence and meet loan obligations. Borrowers must still maintain the home and keep property taxes and homeowners insurance current. The loan generally becomes due when the home is sold, no longer the primary residence, or the last borrower passes away.
We’ll walk you through eligibility, required documentation, and your options—starting with our Reverse Mortgage Qualifier.
The Reverse Loan Process
Here’s how our home loan process works:
1. Apply
2. Get Approved
3. Verify
4.Close
5.Fund