What is a Reverse Mortgage?

 

This mortgage pays you.
The “Reverse” of a regular mortgage

 

A Reverse Mortgage is a special type of home loan, designed specifically for seniors. The loan enables homeowners to convert a portion of the equity in their home into tax-free income or cash—without having to sell their home, give up the title, or make monthly mortgage payments.

 

But, unlike traditional home equity loans or a second mortgage, no repayment is required until the borrower(s) are deceased, move away, or sell the home.

 

Reverse Mortgages (also known as Home Equity Conversion Mortgages or HECM), are increasingly popular in America and other countries in the world.

 

Many seniors use a Reverse Mortgage to supplement Social Security, meet unexpected medical expenses, make home improvements, or provide security against unexpected events.

It’s important to know what your options are to secure your financial future. The various sections of this website are intended to give you a factual understanding of Reverse Mortgages, how they work—and how they could work for you.

 

* Plans are not all available in all states.