- Age
- 62 or older
- Monthly mortgage payment
- None required
- How funds are paid
- Lump sum, monthly or line of credit
- Counseling
- HUD-approved session required
What it is
A reverse mortgage lets homeowners 62 and older borrow against their equity with no required monthly mortgage payment. The loan is repaid when the last borrower sells, moves out or passes away.
How it works with a broker
You keep the title and continue to live in the home. You remain responsible for property taxes, homeowners insurance and upkeep, and the loan can come due if those are not kept current.
Most reverse mortgages are federally insured HECM loans. They are non-recourse, which means you or your heirs never owe more than the home is worth when it is sold.
Common questions
Does the bank own my home?
No. You stay on the title. The lender has a lien, the same as with any mortgage.
What do my heirs receive?
When the home is sold, the loan is paid off and any remaining equity goes to you or your estate.
Figures shown are typical guidelines and can vary by lender, credit profile and property. They are not an offer or commitment to lend.
Find out what you qualify for.
Answer a few questions and I will come back with real options, usually the same day. It takes about two minutes and does not affect your credit.