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Reverse Mortgage
A reverse mortgage is designed for homeowners age 62 and older who want to access a portion of their home equity while continuing to live in their home. This program can provide added financial flexibility during retirement without requiring monthly mortgage payments on the balance accessed.*
A reverse mortgage is a specialized home loan that allows eligible homeowners to convert a portion of their home equity into accessible funds. Unlike a traditional mortgage where borrowers make monthly payments to a lender, the balance on a reverse mortgage generally becomes due when the homeowner sells the property, moves out permanently, or no longer meets loan obligations.
These loans are commonly used as part of broader retirement planning strategies to help create cash flow, preserve savings, or support lifestyle goals.
Available to homeowners age 62+
Access equity while remaining in your home
No required monthly mortgage payments on funds accessed*
Funds can be received as a lump sum, line of credit, or monthly payments
Can be used for purchases, refinancing, or retirement planning
*Borrowers must continue paying property taxes, homeowners insurance, and maintain the home.
Frequently Asked Questions
Do I still own my home with a reverse mortgage?
Yes. The homeowner retains title ownership of the property.
Will the bank take my house?
No. As long as loan obligations are met, borrowers can remain in the home.
Are monthly mortgage payments required?
Typically, no monthly principal and interest payments are required on the reverse mortgage balance.*
Can I leave the home to my heirs?
Yes. Heirs can choose to sell the home, refinance the balance, or pay off the loan to keep the property.
What can reverse mortgage funds be used for?
Funds can be used for retirement income, paying off an existing mortgage, healthcare costs, home improvements, or other financial goals.
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