Reverse Mortgage

A reverse mortgage allows homeowners age 62 and older to access a portion of their home equity without selling their home or making monthly mortgage payments.2

Depending on your goals, a reverse mortgage can help you stay in your current home or purchase a new one, while preserving cash flow and retirement assets.

What a Reverse Mortgage Can Help You Do

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Live Where You Want to Be

Stay in your current home or purchase a new one that better suits your lifestyle and needs.

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Skip the Monthly Mortgage Payment

Add flexibility to your monthly budget. With no required mortgage payments,2 focus on what matters most in retirement.

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Access Your Funds Your Way

Choose a lump sum, monthly payout, line of credit or a combination — whatever best fits your plan.

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Use the Money for What Matters

Pay off bills, plan for healthcare or create more room in your budget with a financial cushion for peace of mind.

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Never Owe More Than It’s Worth

Reverse mortgages are non-recourse loans — your repayment will never exceed the value of your home.

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Work With People You Trust

Our friendly, local reverse mortgage advisors are here to guide you through the process, without pressure.

How a Reverse Mortgage Works

If you’re considering a reverse mortgage (Home Equity Conversion Mortgage, or HECM), here’s how it works from start to finish:

1

Qualify for the loan

Reverse mortgages are for homeowners age 62 or older who live in their home and have built up equity. The amount you can borrow depends on your age, home value and current interest rates.1

2

Choose how you receive your funds

You can take your money as a lump sum, monthly payments, a line of credit or a combination. Your advisor will help you compare options for your situation.

3

Repay the loan later

You don’t make monthly mortgage payments.2 Instead, the loan is repaid when you sell your home, move out or pass away. If your home is worth more than the loan balance, the remaining equity goes to you or your heirs.

1 All loans subject to credit and underwriting approval. Additional terms and conditions may apply.

2 You must continue paying property taxes, homeowners insurance and keeping the home in good condition.

Two Smart Ways to Use a Reverse Mortgage

A reverse mortgage can support different goals in retirement. Here are two of the most common ways homeowners put it to work.

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Refinance Your Current Home

  • Access your home’s equity without selling
  • Stay in the home you love
  • Pay off your existing mortgage

Purchase a New Home

  • Make a one-time down payment
  • Right-size or relocate for retirement
  • Eliminate monthly mortgage payments2

Ready to explore your options?

Find a Reverse Mortgage Advisor

Reverse Mortgage FAQs

A reverse mortgage is a special type of loan for people age 62 or older. The most common kind is called a Home Equity Conversion Mortgage (HECM), which is insured by the FHA.
Eligibility generally includes:
  • At least one borrower is 62 or older
  • The home is your primary residence
  • The property meets FHA standards
  • You have sufficient home equity
No. You retain title and ownership of the home as long as you meet the loan requirements, including living in the home as your primary residence and keeping taxes, insurance and maintenance up to date.
The amount depends on your age, the value of your home, current interest rates, FHA limits and the loan type you choose. We can provide a personalized quote with no cost or obligation.
It depends on whether your reverse mortgage has a fixed or adjustable rate:
  • Fixed-rate: You’ll typically receive a single lump sum at closing.
  • Adjustable-rate: You may choose a lump sum, monthly payments, a line of credit or a combination of these options.
Yes. The HECM reverse mortgage is insured by the FHA to protect both borrowers and lenders. This helps ensure you receive your loan proceeds as agreed, as long as you meet the loan obligations.
Costs can include interest, closing costs, an origination fee, title fees, a credit report fee, mortgage insurance premiums, an appraisal fee and a fee for the required counseling session. Your advisor will outline these for you in advance.
Most reverse mortgages are part of a federally insured program called a Home Equity Conversion Mortgage (HECM). With a HECM, there is a cap on how much of your home’s value can be used to calculate the loan amount. If your home is valued above that cap, you may want to consider a jumbo reverse mortgage. These loans are designed for higher-value properties and can allow access to a greater portion of your equity — while still providing the key advantage of no monthly mortgage payments.2

Talk With a Reverse Mortgage Advisor

Wondering if a reverse mortgage fits your retirement goals? We’ll help you review eligibility, funding options and costs so you can make a confident decision for your future.

All loans subject to credit approval. Terms and conditions may apply.