Reverse Mortgages

Key Reverse Mortgage Characteristics

1. Available to homeowners 62 and older who have significant equity in their home.
2. No monthly mortgage payment required; you remain responsible for taxes, insurance and upkeep.
3. Receive funds as a lump sum, monthly payments, a line of credit, or a combination.
4. You keep the title to your home and can live there as long as it remains your primary residence.
5. Non-recourse loan: you or your heirs will never owe more than the home's value.
6. HECM loans are FHA-insured and require independent HUD-approved counseling before closing.
7. Proceeds are generally not considered taxable income and can be used for any purpose.