Specialty Lending
A reverse mortgage lets eligible homeowners — typically age 62 or older — convert a portion of their home's equity into cash, without selling the home or making monthly mortgage payments. You continue to live in the home; the loan is repaid when you move out, sell, or pass away.
Rather than making payments to a lender, the lender makes payments to you — or provides a lump sum or line of credit — based on your home's equity.
You remain the homeowner and must continue to pay property taxes, insurance, and maintain the home.
The loan becomes due when the home is no longer your primary residence, you sell it, or the last borrower passes away.
No. That's one of the defining features of a reverse mortgage — there are no required monthly principal and interest payments. You do still need to pay property taxes, insurance, and keep the home in good condition.
Yes. You retain ownership of your home throughout the life of the loan. The reverse mortgage is simply a lien against the property, just like a traditional mortgage.
Yes — it's a required step. Before closing on a reverse mortgage, you must complete a session with a HUD-approved counselor. It's designed to make sure you fully understand how the loan works and whether it's the right fit.