Reverse Mortgage
A reverse mortgage lets homeowners 62 and older convert equity into cash without monthly mortgage payments, with the balance due when they leave the home.
What Reverse Mortgage means
The most common type is the FHA-insured HECM. Interest accrues and the loan is repaid from the home's sale or estate. Meanwhile, the borrower stays current on taxes and insurance.
Florida example
A Florida retiree taps a reverse mortgage to supplement income, drawing monthly payments against their paid-off home. The loan comes due when they sell, move out permanently, or pass away.
What it is
A reverse mortgage lets homeowners age 62 and up turn equity into cash without a monthly payment. The loan is repaid when the home is sold.
The most common type is the FHA-backed HECM.
Who it fits
It can help retirees who are house-rich but cash-tight. It is a major decision that affects your heirs.
We explain the pros and cons honestly. Apply now and we will help you weigh it carefully.
Verify the details for your own situation against these government and agency sources: CFPB reverse mortgage guide and HUD HECM program.