Reverse Mortgage

A reverse mortgage is a loan available to homeowners typically age 62 or older that allows them to convert part of their home equity into cash without having to sell the home or make monthly mortgage payments.

The loan balance becomes due when the borrower sells the home, permanently moves out, or passes away.

Reverse mortgages may help supplement retirement income, cover expenses, or pay off an existing mortgage. Borrowers must continue to pay property taxes, homeowner’s insurance, and maintain the property.

These loans are not the right fit for everyone. Program options vary, and it’s important to carefully review the benefits and responsibilities with your loan officer.