Click on any of the links below to learn more about Reverse Mortgages:

A Reverse Mortgage is a special type of loan used by older Americans to convert the equity in their homes into cash. The money obtained through a Reverse Mortgage can provide seniors with the financial security they need to fully enjoy their retirement years.

With a Reverse Mortgage, the payment stream is “reversed.” Instead of the Borrower making monthly payments to a Lender, as with a regular first mortgage or home equity loan, a Lender makes payments to the Borrower. While a Reverse Mortgage loan is outstanding, the Borrower owns the home and holds title to it and does not make any monthly mortgage payments.

To qualify for a Reverse Mortgage you must be at least 62 and own your own home or condominium. There are no income or medical requirements to qualify. You may be eligible for a Reverse Mortgage even if you still owe money on a first or second mortgage. In fact, many senior Americans get a Reverse Mortgage to pay off their first mortgage.

The size of the Reverse Mortgage that you can get will depend on your age at the time you apply for the loan, the type of Reverse Mortgage you choose, the value of your home, current interest rates, and sometimes - where you live. In general, the older you are and the more valuable your home (and the less you owe on your home), the larger the Reverse Mortgage can be.