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
Allows borrowers to convert equity in their home to cash
U.S. government insured FHA loan program
No monthly mortgage payments
Borrower must be 62 years or older
Borrowers receive additional monthly income
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.
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