What is a Reverse Mortgage?
A Home Equity Conversion Mortgage is an FHA Federally Insured loan that allows homeowners age 62 and over to access a portion of the equity in their home without ever having to make another
- Homeowners 62 years of age and over*
- Primary-Residence properties
What are the Benefits?
Use the proceeds to:
- pay off an existing mortgage
- eliminate monthly payments
- be taken as disbursements
- You still own your home!
- Loan proceeds are tax free.
- Loan does NOT affect Social Security or Medicare Benefits
- Non-Recourse Loan: your heirs will never owe more than the value of the home
When is it paid back?**
- If you sell the home
- If you haven't lived in the home for more than 12 months
- When the final surviving borrower passes.