Free up equity in your home, without having to sell
A reverse mortgage is a loan that enables senior homeowners, age 62 and older, to convert part of their home equity into tax-free* income without having to sell their home, give up title to it, or make monthly mortgage payments. The loan becomes due and payable in full when a maturity event occurs – such as, permanently moving out of the home.
A reverse mortgage uses the equity you have built up in your home to provide you with readily available cash.
What are the advantages of a reverse mortgage?
- Remain independent.
A reverse mortgage allows you to remain in your home and retain homeownership.
- No monthly mortgage payments.
Additionally, you need not pay back the reverse mortgage until a maturity event occurs.
- Tax-free* money.
Because the money you receive from a reverse mortgage is not considered income, it is tax-free.
- Freedom and flexibility.
The money you get from a reverse mortgage is yours to use in any way you choose.
* This is for educational purposes only and should not be construed as financial advice. These materials are not from HUD or FHA and were not approved by HUD or a government agency. Not tax advice, consult a tax professional. The borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, and insurance. The borrower must maintain the home. When the last borrower or eligible non-borrowing spouse passes away, sells the home, permanently moves out, or fails to comply with the loan terms, the loan becomes due and payable (and the property may become subject to foreclosure). Reverse mortgages are currently not available in NH and TN.