You worked hard to own your home.
Now's the time to let your home work for you.

Living Income From Equity

• No payment on the mortgage as long as you reside in your home
• No restrictions on how you use the proceeds
• You retain ownership to your home, not the Lender
• You can never lose your home
• No taxes on the proceeds from the Reverse Mortgage
• The FHA Reverse Mortgage is a Federally insured program
• Many flexible payment options available

The Reverse Mortgage is Repaid

• The last borrower passes away
• The home is no longer the borrowers primary residence
• The home is sold
• The borrower's transfer title of the property to someone else

A reverse mortgage enables older homeowners (62+) to convert part of the equity in their homes into tax-free income without having to sell the home, give up title, or take on a new monthly mortgage payment. The reverse mortgage is aptly named because the payment stream is “reversed.” Instead of making monthly payments to a lender, as with a regular mortgage, a lender makes payments to you. Unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence.

A lender can never take away your home if you outlive the loan. You do not need to repay the loan as long as you or one of the borrowers continues to live in the house and keeps the taxes and insurance current. You can never owe more than your home's value.

You can use the proceeds however you wish. Reverse mortgages can give older Americans greater financial security to supplement social security, meet unexpected medical expenses, make home improvements, and more.

How much money can I get?

The amount of funds you are eligible to receive depends on your age (or the age of the youngest spouse in the case of couples), the appraised home value, interest rates, and in the case of the government program, the lending limit in your area. In general, the older you are and the more valuable your home (and the less you owe on your home), the more money you can get.

Eligible Property Types

Eligible property types include single-family homes, two to four unit properties that you own and occupy, manufactured homes (built after June 1976), and some condominiums and townhouses. In general, cooperative housing is ineligible.