Reverse Mortgage Loans
A reverse mortgage loan allows homeowners aged 62 or older to convert part of their home’s equity into cash without having to sell their home or make monthly mortgage payments.
Instead of you paying the lender each month, the lender pays you—either as a lump sum, monthly payments, a line of credit, or a combination of these.
You keep ownership of your home, and the loan is repaid when you sell the home, move out permanently, or pass away.
Key Features
- Available to seniors 62+
No monthly mortgage payments required
You remain the owner of your home
Funds can be used for living expenses, healthcare, or any needs
Loan repayment is typically made through the sale of the home
Things to Consider
- Your home equity decreases over time as the loan balance grows
There are fees, interest, and closing costs
Must keep property taxes, insurance, and home maintenance up-to-date
May impact inheritance left to heirs
