Access Your Home Equity With Confidence
A reverse mortgage allows eligible homeowners age 62 and older to access a portion of their home's equity without selling their home or making required monthly mortgage payments on the borrowed funds, provided they continue to meet loan obligations such as paying property taxes, homeowners insurance, and maintaining the property.
Whether you're looking to supplement retirement income, eliminate an existing mortgage payment, or create additional financial flexibility, a reverse mortgage may be an option worth exploring.
What Is a Reverse Mortgage?
A reverse mortgage is a loan available to eligible homeowners that allows you to convert a portion of your home's equity into tax-free proceeds (consult your tax advisor). Funds may be received as a lump sum, monthly payments, a line of credit, or a combination of these options.
The loan is generally repaid when the home is sold, the borrower permanently moves out, or no longer meets the loan requirements.
Benefits of a Reverse Mortgage
*Borrowers must continue to pay property taxes, homeowners insurance, maintain the property, and comply with all loan terms.
