Reverse Loan Program

A reverse mortgage loan allows homeowners age 62 and older to borrow money using their home as security for the loan.

Key Benefits and Requirements

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Allows borrowers to convert equity in their home to cash

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U.S. government insured FHA loan program

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No monthly mortgage payments

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Borrower must be 62 years or older

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Borrowers receive additional monthly income

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There must be equity in the home

BORROWER MUST MAINTAIN AND LIVE IN THE PROPERTY

A reverse mortgage is designed for homeowners age 62 and older. By borrowing against their equity, seniors get access to cash to pay for cost-of-living expenses late in life, often after they’ve run out of other savings or sources of income. With a reverse mortgage, instead of the homeowner making payments to the lender, the lender makes payments to the homeowner.  Reverse mortgages can provide much-needed cash for seniors whose net worth is mostly tied up in the value of their home.