For eligible older homeowners, a reverse mortgage can provide a way to access a portion of the equity built in your home without requiring traditional monthly mortgage payments. The home remains yours as long as applicable loan obligations are met.
Loan Program
Reverse Mortgage
Benefits of a Reverse Mortgage
- Access Home Equity: Convert a portion of your available home equity into funds.
- No Required Monthly Mortgage Payments: Traditional monthly principal and interest payments are generally not required while loan obligations are met.
- Flexible Use of Funds: Depending on the loan and eligibility, proceeds may be available through different payment options.
Reverse Mortgage Eligibility Requirements
- Age requirements apply
- The home generally must be your primary residence
- Sufficient home equity is required
- Property must meet applicable requirements
- Borrowers must continue paying property taxes, homeowners insurance, and applicable property charges
- Counseling may be required depending on the program
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