A reverse mortgage is a loan that allows homeowners—typically aged 62 or older—to convert part of their home equity into cash without requiring monthly mortgage payments. The loan is repaid when the borrower no longer lives in the home, such as when they sell the property or pass away
Unlike a traditional mortgage, where homeowners make monthly payments to a lender, a reverse mortgage pays the homeowner—either as a lump sum, monthly payments, a line of credit, or a combination of these depending on the lenders products.
Key Features of a Reverse Mortgage:
No Required Monthly Payments – The loan is repaid when the homeowner sells the home, moves out, or passes away. Retain Home Ownership – The homeowner remains on the title and is responsible for property taxes, insurance, and home maintenance. Flexible Access to Funds – The homeowner can receive the funds in different ways, depending on their needs. Non-Recourse Loan – The homeowner (or their heirs) will never owe more than the home’s value when the loan is repaid.
Common Uses of a Reverse Mortgage:
Supplementing retirement income
Paying off an existing mortgage to eliminate monthly payments
Covering healthcare expenses
Establishing a line of credit for future financial security
Funding Long-Term Care
Funding home modifications to age in place
Documents Typically Needed –
Driver’s Licenses
Social Security Cards
All income documents (Social Security Award Letter, Pension Letter, any other form of income)
Most recent mortgage statement (if applicable)
Homeowners Insurance Declarations Page or Contact Information for Agent
2 Months Most Recent Bank Statements (all pages) showing income being deposited
HOA Contact Information (if applicable)
Reverse Mortgage – Simple Start Inquiry
Curious about how much home equity you could access with a reverse mortgage? The process is easier than you think! A quick review of your situation—age, home value, and any existing mortgage—can help determine what you may qualify for.
Simply provide some basic details, and we’ll help you explore your options with no obligation. Whether you’re looking to supplement income, reduce expenses, or plan for the future, understanding your reverse mortgage potential is the first step toward greater financial flexibility.
Let’s start the conversation! Reach out today for a personalized assessment.
Note: This is not an application for a reverse mortgage loan. There’s no commitment required and your credit score will not be reviewed or impacted. Not affiliated with HUD or FHA or a government agency.
Consumer Financial Protection Bureau for more information:
Find a Counselor –To go to the HUD.gov website and see their complete list of approved counselors, click here.