What Is A Reverse Mortgage

Reverse Mortgages are non-recourse loans* that allow homeowners age 62 years or older to convert home equity into cash:

  • Without income or credit qualification
  • Without making monthly mortgage payments
  • Without having to repay the loan until they no longer occupy the primary residence
  • Proceeds are tax-free and can be taken as a lump sum, monthly payment, or line of credit
*A non-recourse loan is a type of debt for which the borrower is not personally liable for repayment the house secures the loan

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Equal Housing Lender. Some products may not be available in all states. Restrictions apply. All rights reserved. Pre-qualification is neither pre-approval nor a commitment to lend; you must submit additional information for review and approval. Approval may be subject to rate increases, satisfactory title and appraisal review, and no change in financial condition. *Refinancing or taking out a home equity loan or line of credit may increase the total number of monthly payments and the total amount paid when comparing to your current situation.
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