A reverse mortgage is a loan that allows you to access your home’s equity to supplement your retirement. It enables you to remain in your home for the rest of your life, eliminates required monthly mortgage payments, and gives you the option to access your loan proceeds in a variety of ways including monthly installments, a line of credit for emergencies, a lump sum, or a combination of the three.

Yes. You retain full ownership and the title is unchanged.

No. The proceeds from your reverse mortgage automatically pay off your mortgage.

We take your current financial condition into account, not just your credit score.

No, your Social Security retirement benefits will not be affected by the loan.

No, and there are no restrictions on how you can spend your proceeds.

Most of the costs associated with a reverse mortgage, including mortgage insurance, can be paid out of the proceeds of the loan.

Your heirs have a number of options regarding your home when you pass away. They can sell the home and pay the balance of the loan from the proceeds, have the lender sell the home on their behalf to pay the loan, pay the loan balance outright and keep the home, or refinance the loan. If the sale proceeds exceed the loan balance, your heirs are entitled to the difference.

No, the lender cannot hold you (or your heirs) for the difference between your home value and the outstanding balance on a reverse mortgage.

While there are no required monthly mortgage payments, you must continue to pay taxes and insurance on your home and maintain the property. Failure to perform these actions can cause the lender to declare the loan to be in default and may result in the lender repossessing the property if these deficiencies are not resolved in a timely manner.

This is why our loan process includes a financial assessment to consider whether you are able to meet these ongoing responsibilities.