A reverse mortgage is a loan that allows homeowners 62 or older to convert part of their home’s equity into cash without making monthly mortgage payments. You keep ownership of your home and continue living in it as your primary residence.

Yes. You remain the owner of your home. The lender does not take ownership, and your name stays on the title.

No, as long as you:

⦿ Live in the home as your primary residence

⦿ Pay property taxes and homeowners insurance

⦿ Maintain the home

If these conditions are met, you can stay in your home for life.

No. Reverse mortgages do not require monthly mortgage payments. The loan balance increases over time as interest accrues.

You can choose how to receive funds, including:

⦿ A lump sum

⦿ Monthly payments

⦿ A line of credit

⦿ A combination of these options

No. Reverse mortgage proceeds are generally tax-free, since they are considered loan advances—not income.

When the borrower passes away or permanently leaves the home, heirs can:

⦿ Sell the home and use proceeds to repay the loan

⦿ Refinance the loan and keep the home

⦿ Walk away if the loan balance exceeds the home’s value

Reverse mortgages are non-recourse loans, meaning heirs will never owe more than the home is worth.

Yes. Heirs can keep the home by paying off the loan balance—either by refinancing or using other funds.

Typical requirements include:

⦿ Being 62 years or older

⦿ Owning the home (or having significant equity)

⦿ Using the home as your primary residence

⦿ Completing mandatory HUD-approved counseling

No. Reverse mortgages are best for homeowners who plan to stay in their home long-term and want to improve cash flow in retirement. That’s why education and personalized guidance are essential before making a decision.

⦿ Being 62 years or older

⦿ Owning the home (or having significant equity)

⦿ Using the home as your primary residence

⦿ Completing mandatory HUD-approved counseling