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Reverse Mortgage
A reverse mortgage is a home loan option for homeowners aged 62 and older, allowing them to convert home equity into cash without monthly mortgage payments. It can be used to access funds for retirement, cover living expenses, or even purchase a new home through a reverse mortgage for purchase (H4P) program. This loan does not need to be repaid until the homeowner sells, moves out, or passes away, making it a flexible solution for retirees looking to supplement their income while staying in their home. If you’re interested in unlocking home equity or buying a home with no monthly payments, explore whether a reverse mortgage is right for you!
A Reliable Home Loan You Can Trust.
No Monthly Payments Required
Borrowers receive cash while deferring repayment until they leave the home.
Access to Home Equity
Turn your home’s equity into cash to cover living expenses, medical costs, or other needs.
Flexible Payment Options
Receive funds as a lump sum, monthly payments, or a line of credit.
Age-Exclusive Financing
Tailored for homeowners aged 62 and older, helping retirees achieve financial stability.
Loan Guidelines
If your details are near these guidelines, we encourage you to apply or reach out. Even if you don’t qualify for a 30-year fixed-rate mortgage, we may have other options available.
The Home
Purchase a new home or refinance your current mortgage.
Credit Profile
A credit score above 620 is typically required.
Debt-to-Income
Your debt-to-income ratio (DTI) should be under 50%.
Closing Costs
Along with your down payment, you’ll need sufficient funds to cover closing costs.
Explore Your Potential
Our calculators help you understand and visualize your options
Mortgage Calculator
Planning to buy a home? Calculate your estimated monthly payments, including taxes and insurance.
Refinance Calculator
Considering refinancing your mortgage? Find out how much you could save.
Frequently Asked Questions
Have questions? We’ve got answers! Explore our FAQ section to find helpful information about loans, refinancing, and more. If you don’t see what you’re looking for, feel free to contact us—we’re here to help!
Who are Reverse Mortgages best for?
Reverse Mortgages are best for homeowners aged 62 or older who want to convert part of their home’s equity into cash while continuing to live in the home. These loans are ideal for retirees seeking additional income or financial flexibility without selling their property.
How do Reverse Mortgage work?
A Reverse Mortgage allows homeowners to borrow against their home’s equity without making monthly payments. The loan is repaid when the homeowner sells the home, moves out permanently, or passes away. Borrowers must continue to pay property taxes, homeowner’s insurance, and maintain the property.
What are pros and cons of a Reverse Mortgage?
Pros:
- Provides tax-free cash without monthly payments.
- Allows you to remain in your home.
- No repayment required until the home is sold or vacated.
Cons:
- Reduces home equity over time.
- Fees and interest can add up.
- Requires ongoing upkeep and property tax payments.
Can I qualify for a Reverse Mortgage if I still have an existing mortgage?
Yes, but your existing mortgage must be paid off using the proceeds from the Reverse Mortgage, leaving any remaining funds for your use.