How a Reverse Mortgage Works

Eligibility:

• Age 55+ (for proprietary programs) or 62+ (for FHA HECM)
• Must live in the home as a primary residence.

No Monthly Payments:

Borrowers remain responsible for property taxes, insurance, and maintenance.
Loan Options:
• Line of credit: Most popular as this compounds at the interest rate of your loan and builds.
• Monthly income payments
• Lump sum

Repayment:

When the last borrower leaves the home, the loan is repaid from the sale proceeds — any remaining equity goes to the borrower or heirs.