Secure your retirement with a reverse mortgage
How it Works
Have you saved enough for retirement?
Whether you’re preparing for retirement or in the midst of navigating finances as a retiree, you may worry whether your assets will carry you through the years and allow you to thrive.
Many baby boomers reaching retirement age find they were unable to save enough money to confidently retire. You’re not alone.
You have options to make life affordable. A reverse mortgage helps those 62 and older (and sometimes younger) use their home equity to cover expenses like travel, aging in place, and visits with loved ones so they can retire happy.
Find out if a reverse mortgage will work for you.
Make the most of your home equity and your retirement
You’ve committed to paying your mortgage for years, building home equity. With a reverse mortgage you essentially convert that equity into cash that you can access to afford retirement, making the most of the investment you’ve made in your home.
The new loan pays off your current mortgage, eliminating monthly payments. Among other benefits, a reverse mortgage doesn’t have to be paid off until your status at the home changes, and the amount of debt owed can’t exceed the value of the property.
Is a reverse mortgage right for you? Connect with a lender to explore your options.
- No more monthly mortgage payments
- Receive cash or line of credit to manage expenses
- Income received is likely non-taxable
- Opens options to age in place by making your home affordable
- Avoid draining your assets to afford retirement
- Thrive in retirement with financial stability
Reverse Mortgage FAQs
If you meet this handful of requirements, you’re on the right track to securing a reverse mortgage.
At least one applicant needs to be 62 or older. A younger spouse can be on the loan.
You need to meet minimum requirements for the amount of home equity you currently have and show that you can pay ongoing housing costs like insurance and property taxes.
The home must be your primary residence.
With a reverse mortgage, you get a new loan that pays off your current mortgage and allows you to borrow from your home equity.
You receive either a lump sum of cash, a line of credit, or monthly payments that you can use to afford other life expenses. The amount of your new loan will vary based on your age, home equity, property value, and other factors.
A reverse mortgage doesn’t require monthly payments, so it frees up vital income in retirement that would otherwise go to affording a mortgage. Keep in mind, you do need to maintain the home and continue to pay property taxes and insurance.
In addition to freeing up monthly payments, a reverse mortgage also allows you to borrow from your home equity to access cash for other expenses. By making retirement more affordable you can make your other life goals a reality — take the trip, take care of yourself, spend time with loved ones, etc.
