Unlock your home equity to help support your retirement goals.
A reverse mortgage is a loan designed for homeowners age 62 and older that allows them to convert a portion of their home equity into cash. Unlike a traditional mortgage, there are no required monthly mortgage payments, and funds can be received as a lump sum, line of credit, monthly payments, or a combination of options. Borrowers retain ownership of their home as long as they continue to meet loan obligations, including property taxes, insurance, and maintenance.
A reverse mortgage can provide additional retirement income, help pay off an existing mortgage, cover healthcare expenses, fund home improvements, or simply create greater financial peace of mind. Because repayment is typically deferred until the home is sold, the borrower moves out, or the last borrower passes away, many homeowners use a reverse mortgage to enhance their retirement lifestyle while remaining in the home they love.
