Reverse Mortgage
Convert equity. No payments.
Reverse Mortgages allow homeowners age 62 and older to convert home equity into cash, providing financial flexibility without monthly mortgage payments.


Reverse Mortgage
features
Reverse Mortgage
Benefits
A reverse mortgage can provide a steady source of income, helping seniors maintain their lifestyle without external financial support.
Use funds from the reverse mortgage for a variety of needs, including healthcare, travel, or home renovations.
Utilize home equity without depleting retirement savings, preserving assets for future needs.
Borrowers or their heirs will never owe more than the home’s value at the time of sale, even if the loan balance exceeds that amount.
FAQs
Yes, an appraisal is required for a reverse mortgage to determine the home’s current value. The appraisal is used to calculate how much equity is available for borrowing.
To be eligible for a reverse mortgage, homeowners must be at least 62 years old, live in the home as their primary residence, and have sufficient equity. Income and credit requirements are generally less strict than with traditional loans.
A reverse mortgage is a loan that allows homeowners age 62 or older to convert part of their home equity into cash. Instead of making monthly payments, the loan is repaid when the home is sold or the borrower no longer lives there.
The reverse mortgage process usually takes 30 to 45 days, though the timeline can vary depending on the appraisal, required counseling sessions, and completion of all paperwork.
For a reverse mortgage, borrowers typically need to provide identification, proof of residency, current mortgage statements, and property tax information. Depending on the lender, additional financial records may be requested.
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