Reverse Mortgage
Convert your home equity into tax-free income
What is a Reverse Mortgage?
A reverse mortgage, formally known as a Home Equity Conversion Mortgage (HECM), is an FHA-insured loan product available to homeowners aged 62 or older. It allows you to convert a portion of your home's equity into tax-free proceeds (as a lump sum, monthly payments, or line of credit) without having to make monthly mortgage payments. The loan balance grows over time and is repaid when the last borrower permanently leaves the home. Reverse mortgages are subject to FHA guidelines and require HUD-approved counseling.
Key Features
- No monthly mortgage payments required
- Proceeds are tax-free (consult CPA)
- Stay in your home as long as you wish
- Available as lump sum, monthly income, or credit line
- FHA-insured HECM program
- Non-recourse loan — never owe more than home value
Requirements
- Homeowner must be 62 or older
- Primary residence only
- Sufficient home equity
- HUD-approved counseling required
- Home must meet FHA property standards
- Must maintain taxes, insurance, and home upkeep
At a Glance
Best For
- Homeowners 62+ with significant equity
- Retirees seeking supplemental income
- Those wanting to eliminate monthly mortgage payments
- Homeowners facing medical or living expenses
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