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Reverse Mortgages
Eligible homeowners can access a portion of their home equity; FHA HECM loans are available to homeowners age 62 or older.
Why choose this option?
A borrower may want to supplement retirement cash flow or address an existing mortgage without required monthly principal-and-interest payments while loan obligations are met.
What can it be used for?
Access funds for eligible needs, or explore a HECM for Purchase to buy a qualifying principal residence.
How it works
The borrower retains title and must occupy and maintain the home and pay taxes, insurance and applicable charges. Interest and fees increase the balance. Repayment is generally due after sale, permanent move-out or death, subject to spouse protections. HUD-approved counseling and financial assessment apply.
