Quick highlights
- Available to homeowners 62 and older
- No required monthly mortgage payments
- Keep the title to your home
- Multiple disbursement options
- FHA-insured (HECM program)
- Heirs have options when loan becomes due
How does a reverse mortgage work?
Instead of you paying the lender each month, the lender pays you (or makes the equity available as a credit line). The loan balance grows over time and is repaid when you sell the home, move out permanently, or pass away. You remain on the title and continue paying property taxes, insurance, and maintenance.
Will it leave anything for my heirs?
It can. When the loan becomes due, heirs typically have several options: sell the home and keep any remaining equity, refinance the loan and keep the home, or walk away with no further obligation if the loan balance exceeds the home's value. Reverse mortgages are 'non-recourse' loans — you (or your heirs) never owe more than the home is worth.
Ready to see what you qualify for?
Every situation is different. Let's talk through your specific scenario and shop it across our lender network for the best terms.