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Key Highlights
The Benefits
No Monthly Payments
Monthly mortgage payments aren't required.*
Access Equity
Turn home equity into available funds.
Financial Flexibility
Choose from available payout options.
What's Required
Age Eligibility
Minimum age requirements apply.
Available Equity
Sufficient home equity is required.
Primary Residence
Occupancy requirements apply.
The Ins & Outs
How it Works
A Reverse Mortgage allows eligible older homeowners to access a portion of their home equity without making monthly mortgage payments. Depending on the program, proceeds may be available as a lump sum, line of credit, monthly payments, or a combination of options.
Reverse Mortgages can help eligible homeowners supplement retirement income, manage expenses, access additional cash, or improve their financial flexibility while continuing to live in their home. The loan generally becomes due when the borrower sells the home, permanently moves out, or otherwise no longer meets the loan requirements.
Example Scenario
A retired homeowner has accumulated substantial equity in their primary residence but wants additional financial flexibility without selling their home. A Reverse Mortgage may allow them to access a portion of that equity while continuing to live in the property and eliminating required monthly mortgage payments.
What is a Reverse Mortgage?
A Reverse Mortgage allows eligible older homeowners to convert a portion of their home equity into funds without requiring monthly mortgage payments while they continue to meet the terms of the loan.
Do I still own my home?
Yes. The homeowner retains title to the property and remains responsible for meeting the loan requirements, including applicable property taxes, insurance, and maintenance.
Do I have to make monthly mortgage payments?
Generally, no monthly principal and interest payments are required while the borrower continues to meet the terms of the Reverse Mortgage. Borrowers remain responsible for property-related expenses such as taxes and insurance.
How can I receive the money?
Depending on the Reverse Mortgage program, proceeds may be available through options such as a lump sum, line of credit, monthly disbursements, or a combination of available methods.
When does a Reverse Mortgage become due?
The loan generally becomes due after certain events, such as when the last eligible borrower sells the home, permanently moves out, or passes away. Other circumstances may also trigger repayment under the loan terms.
*Borrowers must continue to meet loan obligations, including paying property taxes and homeowners insurance, maintaining the home, and occupying the property as required.
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