Reverse Mortgages
Turn Your Home Equity Into Funds You Can Use Today
A reverse mortgage is a loan option for homeowners 62 and older that lets you borrow against your home's equity without making monthly mortgage payments. Instead of paying the lender each month, the loan balance grows over time. You receive funds as a lump sum, a line of credit, or regular monthly payments, depending on what works for your situation. The loan is repaid when you sell your home, move out permanently, or pass away. Your heirs can then settle the debt or keep the home by refinancing. This option makes sense for people who want to stay in their homes while accessing the wealth built into them. Whether you need funds for healthcare, home repairs, daily living expenses, or simply want more financial flexibility in retirement, a reverse mortgage offers another path forward. We'll help you understand how this loan works, what it costs, and whether it aligns with your goals.
How a Reverse Mortgage Works
Understanding the process helps you make an informed decision about whether this loan is right for you.
-
Determine Your Eligibility
You must be at least 62 years old and own a home with significant equity. The home must be your primary residence. We'll review your situation to confirm you meet these requirements.
-
Receive Your Funds
Once approved, you can receive your loan proceeds as a single lump sum, a line of credit you draw from as needed, or monthly payments. You choose the approach that fits your financial plan.
-
The Loan Matures
You won't make monthly payments to us. The loan balance grows over time. When you sell your home, move out, or pass away, the loan is repaid from the home's sale or through your estate.
Reverse Mortgage Questions
Get answers to the questions homeowners ask us most about how reverse mortgages work.
Do I have to make monthly payments on a reverse mortgage?
No. A reverse mortgage doesn't require monthly mortgage payments. You remain responsible for property taxes, homeowners insurance, and home maintenance. The loan is repaid when you sell your home, move out permanently, or pass away.
How much can I borrow with a reverse mortgage?
The amount depends on your age, home value, current interest rates, and how much equity you have. Generally, the older you are and the more valuable your home, the more you can borrow. We'll calculate your exact amount during the application process.
What are the costs associated with a reverse mortgage?
Reverse mortgages include origination fees, appraisal costs, title insurance, and closing costs similar to a traditional mortgage. Some of these costs can be rolled into the loan balance. We'll provide a complete breakdown of all costs before you proceed.
Peace of Mind
You Stay in Your Home and Keep the Title
One of the biggest advantages of a reverse mortgage is that you maintain ownership and can stay in your home as long as you wish. You keep the title, and you're in control of when and whether you sell. This matters because your home may be more than just a financial asset—it's where your life is, where your memories are, and where you want to be. You're simply unlocking equity you've already built up. Whether you need money for emergencies, healthcare costs, or to improve your quality of life, a reverse mortgage gives you options while letting you stay put. And because you keep your title, your heirs can inherit what remains of your home's equity after the loan is repaid.