Reverse Mortgages

What is a Reverse Mortgage?

A reverse mortgage allows homeowners 62 years of age or older to use the equity in their homes to eliminate their monthly mortgage payment and/or supplement their income. Unlike a conventional mortgage where a homeowner increases their equity by making a payment each month, ultimately paying off the loan at the end of the term (e.g. 30 years), the homeowner on a reverse mortgage makes no payment.

• Homeowner must be at least 62 years of age
• Loan can be made on a primary residence only
• Eligible property types are single family, townhomes, condo, and multiple family with less than four units
• No income or credit requirements
• Significant equity in property needed