Reverse Mortgages

This material is not from HUD or FHA and has not been approved by HUD or a government agency.

What is a Reverse Mortgage?

A reverse mortgage is a loan against your home that you do not have to pay back for as long as you live there and comply with other loan terms..

It can be paid to you all at once, as a regular monthly advance, or at times and in amounts you choose. You may also use this mortgage to purchase a new property.

You pay the money back plus interest when you sell your home, permanently move out of your house, or fail to comply with loan terms.

Who’s Eligible?

• Homeowner’s with equity who are at least 62 years of age
• Home must be principal residence (where you live the majority of the year)

How They Work?

Require no repayment for as long as you live in the home, while continuing your property taxes and homeowner’s insurance payments.

Repaid in full when last living borrower sells the home, or permanently moves away

Are there any restrictions on what I can do with my money?

No. You can use the money for any purpose you choose.