Reverse Mortgages
A reverse mortgage is designed for homeowners 62 and older to access a portion of home equity with no required monthly mortgage payments while you live in the home as your primary residence.
You remain the owner — your name stays on title — and you’re still responsible for property taxes, homeowners insurance, and home maintenance.
Reverse mortgages can be used for refinance or even to purchase a new primary home — depending on your goals.
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Purchase or refinance — explained clearly, with the most common questions answered.
Reverse Mortgage Refinance
If you currently have a mortgage and the monthly payment feels heavy, a reverse mortgage refinance (HECM refi) may help replace that loan and remove required monthly mortgage payments.
- Pay off your current mortgage: the reverse mortgage pays the existing balance.
- Eliminate monthly mortgage payments: improves cash flow.
- Access funds: depending on equity, you may receive funds or establish a line of credit.
Reverse Mortgage for Purchase
You can use a reverse mortgage to purchase a new primary residence with a substantial down payment and no required monthly mortgage payments after closing (as long as you live there as your primary home).
- Perfect for downsizing: move to something more manageable without draining savings.
- Ideal for relocating: move closer to family or a better retirement location.
- Preserve assets: keep more reserves available instead of paying all cash.
Ways You Can Receive Funds
One of the most flexible parts of a reverse mortgage is choosing how you receive funds — based on your goals and comfort level.
- Lump sum: receive available funds at closing (often used for payoff or big expense).
- Line of credit: access funds as needed — the unused portion can grow over time.
- Monthly payments: term or tenure payments for predictable income.
- Combination: mix options (ex: payoff + line of credit).
What Happens Over Time
With a reverse mortgage, interest is added to the loan balance over time since you’re not required to make monthly mortgage payments.
The loan typically becomes due when the last borrower permanently leaves the home (move, sell, or pass away). If the home is sold, remaining equity after payoff goes to you or your heirs.
Quick myth check: You remain the homeowner, and your heirs will not owe more than the home’s value when the loan becomes due (non-recourse protection).
Information only. Eligibility and terms vary. Not a commitment to lend.
