Reverse Mortgages
Convert your home equity into tax-free cash while staying in your home
Page Contents
Navigate to any section below to learn more about reverse mortgages
Understanding Reverse Mortgages
What they are and how they work
Requirements & Options
Eligibility and payment options
Senior Statistics
By the numbers in America
Reverse Mortgage Calculator
Calculate your loan amount
Frequently Asked Questions
Common questions answered
Free Consultation
Schedule with an expert
Why Choose Reverse Mortgage
Benefits and advantages
Related Calculators
Other helpful tools
Understanding Reverse Mortgages
A reverse mortgage is a unique loan that allows homeowners aged 62 and older to borrow against their home's equity without making monthly mortgage payments. The loan is repaid when the borrower moves, sells the home, or passes away.
Key Features:
- No monthly mortgage payments required
- Maintain ownership of your home
- Tax-free cash access
- FHA insurance protection
- Multiple disbursement options
Requirements:
- Age 62 or older
- Primary residence
- Sufficient home equity
- Property maintenance ability
- HUD counseling completion
Did You Know?
Reverse mortgages are insured by the Federal Housing Administration (FHA) through the Home Equity Conversion Mortgage (HECM) program.
Reverse Mortgage Requirements & Options
Everything you need to know about qualifying for and using a reverse mortgage
Eligibility Requirements
Who can qualify for a reverse mortgage
Age & Ownership
- Must be 62 years or older
- Own home outright or have low mortgage balance
- Primary residence requirement
- All borrowers must be listed on title
Property Requirements
- Single-family home or 2-4 unit property
- HUD-approved condominiums
- Manufactured homes meeting FHA requirements
- Must maintain property condition
Financial Requirements
- Sufficient home equity
- Ability to maintain property
- Current on federal debts
- No credit score minimum
Payment Options
Flexible ways to receive your funds
Lump Sum
Single disbursement at closing
- • Fixed interest rate
- • Maximum amount upfront
Monthly Payments
Regular monthly disbursements
- • Term or tenure options
- • Guaranteed income stream
Line of Credit
Draw funds as needed
- • Unused portion grows over time
- • Maximum flexibility
Combination
Mix of disbursement options
- • Customizable to your needs
- • Partial lump sum available
Key Benefits
Why choose a reverse mortgage
Stay in Your Home
No monthly mortgage payments required while living in your home
FHA Protection
Government-backed insurance protects against loan exceeding home value
Tax-Free Proceeds
Access equity without tax consequences on loan proceeds
Flexible Use
Use funds for any purpose - healthcare, debt payoff, or lifestyle
Ready to Learn More?
Speak with our reverse mortgage specialists to understand your options
Senior Homeowners in America: By the Numbers
Understanding the landscape of senior homeownership and the growing need for retirement financing solutions
Senior Demographics
Homeownership & Financial Health
Key Insights for Senior Homeowners
Growing Population
The senior population is growing by 10,000 people per day, creating increased demand for retirement financing solutions.
High Homeownership
Nearly 8 in 10 seniors own their homes, representing the largest wealth accumulation in American history.
Significant Equity
Senior homeowners hold over $8 trillion in home equity, with an average of $291,000 per household.
The Reverse Mortgage Market Opportunity
Why Reverse Mortgages Matter
- • Retirement Security: Convert home equity into retirement income
- • Aging in Place: Stay in your home while accessing cash
- • Financial Flexibility: Supplement Social Security and savings
- • Healthcare Costs: Pay for medical expenses and long-term care
- • Debt Relief: Pay off existing mortgages or credit cards
- • Legacy Planning: Preserve other assets for heirs
Reverse Mortgage Calculator
Calculate your available equity and potential loan amount with our advanced reverse mortgage calculator
Loan Information
Loan Summary
Disbursement Options
Loan Growth
Disbursement Breakdown
Home Value vs Loan Balance Projection
5-Year Projections
Calculator Disclaimer
This calculator provides estimates based on the information you enter and current market conditions. Actual loan amounts, proceeds, and terms may vary based on:
- Property type and location
- Current interest rates
- FHA lending limits
- Property appraisal value
- Age and number of borrowers
- Financial assessment results
Please consult with one of our reverse mortgage specialists for personalized loan options and accurate terms based on your specific situation. The results shown are for informational purposes only and do not constitute a commitment to lend.
Reverse Mortgage FAQ - Everything You Need to Know
Get answers to the most common questions about reverse mortgages and HECM loans
How much can I borrow with a reverse mortgage?
The amount you can borrow depends on your age, home value, current interest rates, and FHA lending limits. For 2024, the maximum claim amount is $1,149,825. Generally, older borrowers with more valuable homes can access more equity. Use our calculator above for a personalized estimate.
What happens to my home after I get a reverse mortgage?
You retain ownership of your home and can live in it for as long as you want. You're responsible for maintaining the property, paying property taxes, and homeowners insurance. The loan becomes due when you move, sell the home, or pass away.
Can I outlive my reverse mortgage?
No, you cannot outlive a reverse mortgage. As long as you live in the home and meet your obligations (maintaining the property, paying taxes and insurance), you can never be forced to move due to the loan. This is guaranteed by FHA insurance.
What are the costs of a reverse mortgage?
Reverse mortgages have upfront costs including origination fees, FHA mortgage insurance, appraisal fees, and closing costs. These can typically be financed into the loan. Ongoing costs include FHA mortgage insurance premiums and servicing fees.
Can I leave my home to my heirs?
Yes, you can leave your home to your heirs. They will have the option to repay the loan balance and keep the home, or sell the home and keep any remaining equity. If the loan balance exceeds the home's value, FHA insurance covers the difference.
Do I need good credit for a reverse mortgage?
No, there's no minimum credit score requirement for reverse mortgages. However, lenders will assess your ability to maintain the property and pay property taxes and insurance through a financial assessment. This ensures you can meet your ongoing obligations.
Schedule a FREE Reverse Mortgage Consultation
Get personalized guidance from our reverse mortgage experts. Book a free consultation to discuss your options and see if a reverse mortgage is right for you.
Book Your Free Consultation
Choose a time that works for you
Flexible Scheduling
Choose from available times that fit your schedule
Expert Guidance
Speak with certified reverse mortgage specialists
No Obligation
Completely free consultation with no pressure
Why Choose a Reverse Mortgage?
Compare reverse mortgages with other retirement financing options
FHA Insurance Protection
- • Government-backed security
- • Protection against loan balance exceeding home value
- • Guaranteed access to loan proceeds
- • Non-recourse loan protection
Stay in Your Home
- • No monthly mortgage payments
- • Retain ownership and control
- • Age in place comfortably
- • Flexible disbursement options
Tax-Free Cash Access
- • Access equity without selling
- • Tax-free loan proceeds
- • Supplement retirement income
- • Pay for unexpected expenses
Have a Question?
Our reverse mortgage specialists are here to help you understand your options and answer any questions you may have about accessing your home equity.