Reverse Mortgages
Access your home's equity without monthly mortgage payments
A Different Kind of Mortgage
Your home's equity, when you need it
You've spent decades building equity in your home. A reverse mortgage lets you tap into that wealth without selling, without monthly payments, and without leaving your home. Instead of paying the lender, the lender pays you, either in a lump sum, as regular payments, or through a line of credit you can draw from when you choose. The loan is repaid when you sell the home, move away, or pass it to your heirs. It's a fundamentally different tool, designed for homeowners 62 and older who want flexibility in how they use the resources they've accumulated. There's no income requirement, no credit score hurdle, and no loan approval based on ability to repay monthly. The focus is on your home's value and your age, nothing more. Many homeowners use reverse mortgages to supplement retirement income, pay off existing debts, fund home improvements, or simply create breathing room in their budget. Others establish a line of credit early and use it only if unexpected expenses arise. It's your equity and your choice how to access it.
A reverse mortgage is a loan against your home's equity. You borrow against what you own, and the loan balance grows over time as interest accrues. Payments aren't made during your lifetime; instead, the loan is repaid from the proceeds of your home's sale or through your estate. This makes a reverse mortgage fundamentally different from a traditional forward mortgage, where you make monthly payments to reduce the balance.
Reverse mortgages require that you be 62 or older, own your home outright or have a small remaining balance, and live in the home as your primary residence. You'll need a financial assessment to ensure you can meet ongoing property taxes, insurance, and maintenance obligations. Beyond that, there's no income requirement and no monthly payment qualification process.
You choose how to receive funds: a single lump sum for immediate needs, monthly payments for income supplementation, a line of credit to tap as needed, or a combination of these. The flexibility is yours, and you can change your election if circumstances change.
Interest accrues on the outstanding balance, increasing what you'll eventually owe. However, you never owe more than your home's value at the time of sale, regardless of how long you live in the home. This is called non-recourse protection, and it's a critical safeguard built into every federally-insured reverse mortgage.
Your heirs inherit the home after you pass away. If the home's value exceeds what you've borrowed, they keep the difference. If the home's value has declined below your loan balance, neither they nor you are responsible for the shortfall. The non-recourse protection applies to your estate as well.
Reverse mortgage calculator
See how much equity you might be able to access. This calculator gives you a rough estimate based on your age, home value, and existing mortgage balance. Every home and situation is different, and a conversation with our team will give you precise numbers for your circumstances.
Calculator results are estimates provided for illustrative purposes only and may not reflect actual loan terms. This is not a commitment to lend, a preapproval, or an offer of credit. Actual rates, payments, and costs depend on credit approval, satisfactory appraisal, and underwriting guidelines. Consult a licensed loan officer for details.
Reverse mortgage questions answered
Reverse mortgages are less common than traditional mortgages, and questions are natural. Here are answers to what homeowners ask most often.
Will taking out a reverse mortgage affect my Social Security or Medicare benefits?
A reverse mortgage does not affect Social Security benefits. Reverse mortgage payments are loan proceeds, not income, so they don't trigger income-related taxes or benefit reductions at the federal level. However, some state benefits programs have different rules. If you're receiving Medicaid or Supplemental Security Income (SSI), funds from a reverse mortgage could affect your eligibility if held in liquid assets. Consult with a financial advisor or your benefits administrator to understand how a reverse mortgage fits with your specific situation.
What if I want to move or sell my home later?
You can sell your home at any time. When you do, the reverse mortgage loan is paid off from the sale proceeds, and any remaining equity goes to you or your heirs. There are no prepayment penalties, and no restrictions on selling. If you move to a care facility or another home permanently, the loan becomes due and is repaid from the home's sale. The flexibility to change your situation is yours; a reverse mortgage doesn't lock you into your home.
What are the costs involved in getting a reverse mortgage?
Reverse mortgages have closing costs similar to forward mortgages, including origination fees, appraisal, title insurance, and other lender and third-party fees. Most federally-insured reverse mortgages also include a mortgage insurance premium that protects you and your lender. These costs can be rolled into the loan balance, meaning you don't pay them out of pocket upfront. Your loan officer will provide a detailed cost estimate before you proceed, and you'll see all fees in writing well before closing.