Reverse Mortgages
Make the most of your retirement with a reverse mortgage in your financial planning tool box. It converts equity you already own into cash, with no monthly mortgage payment while you live in the home.
Reverse Mortgages
Everything the programme does, grouped so you can find the part you care about.Anything here raise a question? That’s what the phone is for.
Borrowers must be at least 62 years old. Where there are two owners, the age of the younger generally drives what is available.
The current home must be a primary residence. It cannot be a vacation property or a rental, and it must remain the home you live in for the loan to stay in place.
Own your home free and clear, or refinance the mortgage balance with a reverse mortgage loan. If a balance remains, it is paid off first from the proceeds — which is how the monthly payment disappears.
Enables senior homeowners to convert their home equity into cash, to be used for any purpose. There is no restriction on what you spend it on.
You always retain title to your home. Once the home is no longer your primary residence you can sell it, and the remaining equity goes to you or your heirs.
Proceeds are tax free. They are loan proceeds rather than income.
Everyone's situation differs — confirm the effect on your own circumstances with your tax advisor.
The homeowner remains responsible for property taxes, homeowners insurance and property maintenance. Falling behind on those can put the loan at risk, so they belong in the budget from day one.
A home equity conversion mortgage is a home secured loan, and must be repaid from either the sale of the house or other assets, at the borrower's choice.
Because you are not making monthly payments, interest and fees are added to the balance instead. It grows rather than shrinks, which reduces the equity remaining later.
This is the single most important thing to understand before proceeding, and the reason independent counselling exists.
You always retain title to your home. The remaining equity goes to you or your heirs.
This is the point most misunderstood about reverse mortgages. The bank does not take your house. You own it, you live in it, and when it is sold whatever equity is left belongs to you or your family.
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Start your application from your phone and finish it at your desk. Whether you're buying, refinancing or just exploring, we're here to help.
FrequentlyAsked Questions
No — and it's the single most common reason people delay buying. Conventional starts at 3% down, FHA at 3.5%, and VA and USDA can require nothing at all. The trade-off is mortgage insurance and a higher payment, which is worth weighing against several more years of saving.
It usually comes down to credit. FHA is more forgiving of past credit events and starts at 3.5% down, but its insurance typically stays for the life of the loan. Conventional needs stronger credit, starts at 3%, and its PMI cancels at 20% equity — which can be worth thousands over time.
USDA uses its own eligibility map and the boundaries surprise people — plenty of areas that feel suburban still qualify. There are also household income limits by county. Send us an address and we'll check both in a couple of minutes.
Often, yes. You'll use one loan program, but it can frequently be paired with assistance run by your state or county. These are consistently underused because buyers don't know they exist — ask us which ones you'd qualify for.
For the right situation it's a genuine option; for the wrong one it's expensive. The balance grows rather than shrinks, and it affects what's left to heirs. HUD counselling is required for good reason. We're glad to walk through it with your family present, and to compare it against downsizing or a HELOC first.