Residential

Reverse Mortgages

Unlock the equity in your home to supplement retirement income without selling or making monthly payments.

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A Safe Way to Tap Home Equity in Retirement

A reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM), allows homeowners aged 62 or older to convert part of their home equity into tax‑free cash. Instead of making monthly mortgage payments, borrowers receive funds to supplement their retirement income and can remain in their home.

The loan does not have to be repaid until the last surviving borrower sells the home, permanently moves out or passes away. At that time, the home is sold and proceeds pay off the reverse mortgage; any remaining equity belongs to the borrowers or their estate.

Borrowers must continue to pay property taxes, homeowners insurance, maintenance and HOA dues. The property must be the borrower’s primary residence and must meet FHA standards.

Program Details

  • Eligibility: Homeowners aged 62 or older; property must be a primary residence
  • Loan Type: Federally insured HECM with non‑recourse features — you never owe more than the home is worth
  • Payout Options: Lump sum, monthly payments, line of credit or a combination
  • No Monthly Payments: Loan balance grows over time and accrues interest; repayment deferred until home is sold or vacated
  • Financial Obligations: Borrowers must pay property taxes, insurance, HOA dues and maintain the property
  • Counseling: HUD‑approved counseling required prior to application

See If a Reverse Mortgage Is Right for You

Contact us to learn more about HECM requirements, payout options and how a reverse mortgage could fit into your retirement plan.

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