What’s a Reverse Mortgage?

A reverse mortgage is a financial product that allows homeowners, typically aged 62 and older, to convert a portion of their home equity into cash without having to sell their home. Unlike traditional mortgages where the borrower makes monthly payments to the lender, in a reverse mortgage, the lender pays the homeowner a lump sum, monthly payments, or a line of credit based on the equity in the home. The loan doesn't have to be repaid until the homeowner moves out, sells the home, or passes away. This can provide financial relief for seniors needing income in retirement, but it can also reduce the inheritance left to heirs and incur costs such as interest and fees.

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What are the benefits?

Access to Cash

Homeowners can access cash from their home equity, providing financial flexibility to cover living expenses, medical bills, or other costs

No Monthly Payments

Borrowers are not required to make monthly mortgage payments, allowing them to retain more of their income for other uses (property taxes and insurance still need to be paid).

Stay in Your Home

A reverse mortgage allows homeowners to remain in their home while still utilizing their home equity, which can be especially beneficial for those who want to age in place.

Tax-Free Income

The funds received from a reverse mortgage are generally not considered taxable income, which can aid in managing tax liabilities.

Non-Recourse Loan

Homeowners cannot owe more than the value of their home when the loan is repaid, protecting them and their heirs from significant debt.

Flexible Payment Options

Borrowers can choose how to receive their funds—lump sum, monthly payments, or a line of credit—providing options that can better fit their financial needs.

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Reverse Mortgage