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Reverse Mortgages to Fit Your Lifestyle

Available to homeowners who are 62 years of age or older, a Reverse Mortgage allows senior homeowners to borrow money by tapping into their home equity. Unlike a traditional (or forward) mortgage, with a Reverse Mortgage, the lender will make payments to the borrower based on their selection of how they want to receive their funds – via a monthly payment, one lump sum payment at closing, a line of credit, or a combination of these. The money can be used for any purpose, such as paying off debts, making home improvements, or supplementing income. The homeowner typically won't need to pay back the loan as long as they continue to occupy the property as their primary residence. Instead, the loan will need to be repaid when the homeowner passes away, sells the home, moves, or doesn't meet the terms of the loan in staying current on property taxes, HOA dues, homeowner's insurance and maintaining the property in good condition.

Reverse Mortgage Calculator

Estimate the home equity you may be able to access with a Reverse Mortgage

This calculator is meant to be for demonstration purposes only.


Types of Reverse Mortgages

Home Equity Conversion Mortgages, or HECMs, are the most common traditional Reverse Mortgages.

HECMs are insured by the Federal Housing Agency (FHA) and can give homeowners additional financial security while allowing them to stay in their home. Payments can be issued as a single disbursement, a fixed monthly payment, or as a line of credit. Borrowers must be at least 62 years of age and are required to meet with a government approved housing counselor prior to loan approval.

55+ Specialty Reverse Mortgage up to $4 Million

Not quite 62 yet? Our 55+ Specialty Reverse Mortgage program is designed for homeowners who are at least 55 years of age with high home values and would like to take advantage of the many benefits of a Reverse Mortgage sooner than later. Because age is just a number.

Available only in select states.


Reverse for Purchase

  • 1.

    Contact a Reverse Mortgage professional to discuss your qualifications and the amount needed for a down payment.

  • 2.

    Begin your home search and start the Reverse Mortgage application process, which your Reverse Mortgage professional will help walk you through.

  • 3.

    Once you complete the loan process, you’ll be the owner of your new home with the option for no monthly payments¹.

Strategic Uses of a Reverse Mortgage

Asset Strategy

Help retirement savings last longer

Retirement Home

Purchasing a retirement home that best fits their needs (right size, move closer to family)

Social Security

Bridging social security deferral gap

Mortgage Payoff

Paying off existing mortgage (requirement of the loan)

Home repair

Funding home repairs, modifications, or renovations

In-Home Care

Fund or supplement in-home care

Cover Bills

Paying off medical bills, vehicle loans. credit cards or other high interest debts

Line of Credit

Establish a LOC for unexpected expenses or opportunities


Proceeds can be used for almost any reason, including inheritance


How Do Reverse Mortgages Work?

Unlike traditional mortgages where the borrower is obligated to make mortgage payments to the lender, a Reverse Mortgage provides the borrower 4 options:

  • 1.

    The borrower can receive payments from the lender based on their desired payment schedule

  • 2.

    The borrower can select to not make monthly mortgage payments (must still continue to pay property taxes, HOI, HOA dues)

  • 3.

    The borrower can continue to make payments in the amount and frequency that aligns their financial preferences

  • 4.

    Combination of the above 3

When the homeowner passes on, sells the home, or moves, the loan will need to be repaid. This is usually done by using the proceeds from the home sale to repay the loan. If your heirs do not wish to sell your home, they can choose to refinance or simply pay off the mortgage without selling.

HECMs, which are backed by the FHA, are considered non-recourse loans. This means that in the event the loan value exceeds the value of the home, the lender cannot collect more than the value of the home. FHA insurance will take care of the remaining amount.


Benefits of Home Equity Conversion Mortgages (HECMs)

Home Equity Conversion Mortgages, or HECMs, are the most common type of Reverse Mortgage. HECMs are insured by the Federal Housing Agency (FHA) and can provide additional financial security while allowing senior homeowners to stay in their home.

  • No monthly mortgage payments required¹
  • Continue to live in and own the home
  • Home must be the principal residence
  • Non-recourse loan protection
  • Your home must meet minimum property standards set forth by HUD
  • Required independent, government-approved housing counseling
  • HECMs are only available to homeowners who are 62+
  • No minimum credit score requirements

Common Reverse Mortgage Questions


Will the bank own my home with a Reverse Mortgage?


No, with a Reverse Mortgage, a borrower retains ownership of their home and will not relinquish the title. Instead, they are borrowing against the equity in the home.


How much money can I get?


The amount you can receive is based on a few variables like the age of the youngest borrower, the appraised home value, interest rates, and, in some cases, FHA lending limits.


How does interest work with a Reverse Mortgage?


Reverse Mortgage borrowers are only charged interest on the proceeds they receive. Fixed and variable rates are available.


Refinancing your Reverse Mortgage

  • 1.

    Talk to a Reverse Mortgage professional to your loan officer to determine if refinancing will offer you financial benefits in the long-term.

  • 2.

    Your Reverse Mortgage professional will confirm if you meet the loan requirements depending on the type of Reverse Mortgage you’re applying for and assist you through the loan application process, which includes obtaining an appraisal for your home and submitting necessary financial documentation.

  • 3.

    Once your loan is approved, you’ll close by reviewing your final loan documents, and selecting how you will receive your funds moving forward.

¹ The borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, hazard insurance. The borrower must maintain the home. If the homeowner does not meet these loan obligations, then the loan will need to be repaid. These materials are not from HUD or FHA and were not approved by HUD or a government agency.

² This is not tax advice. Consult a tax professional.