Whether you have a specific question, or are just beginning to gather information, our reverse mortgage loan education center is here for you. Feel free to browse our exclusive library to learn more and get the answers you’re looking for. Whenever you are ready to take the next step, one of our reverse mortgage experts will be happy to talk with you.
Education Center Topics
- Overview
- The Basics
- How Reverse Mortgages Work
- Comparing Loans
- Overview
- Applying
- End of the Loan
- Overview
- Common Concerns
- Decision-making
A reverse mortgage is a loan typically available to homeowners 62+ that converts a portion of home equity into usable cash with no required monthly mortgage payments.
*The borrower must meet all loan obligations, including living in the property as the principal residence, maintaining the home, and paying property charges, including property taxes, fees, hazard insurance. If the homeowner does not meet these loan obligations, then the loan will need to be repaid.
When homeowners take out a reverse mortgage, they retain the title to their home. This means they remain the owners as long as they comply with the terms of their loan. These terms include paying property taxes, insurance, and maintenance to avoid defaulting on the loan.
Yes, a reverse mortgage can be refinanced or modified under certain conditions, such as changes in interest rates or the homeowner's financial situation. Refinancing can provide more favorable terms or additional funds if the home's equity has increased.
When a reverse mortgage borrower dies, moves out permanently, or sells the home, the loan becomes due and payable. The home can be sold to repay the mortgage, or the heirs can choose to repay the loan from other sources if they wish to keep the home.
The primary benefit of a reverse mortgage is the ability to access the home equity without the need to make monthly payments*, providing financial flexibility during retirement.
*The borrower must meet all loan obligations, including living in the property as the principal residence, maintaining the home, and paying property charges, including property taxes, fees, hazard insurance. If the homeowner does not meet these loan obligations, then the loan will need to be repaid.
View more
Reverse Mortgage Eligibility Requirements
Understanding the eligibility requirements of a reverse mortgage can is the first step to deciding if these financial vehicles are right for you.
Who Owns Your Home With a Reverse Mortgage Loan?
Simple. Reverse mortgage borrowers retain title and ownership of their homes. Here's more about how it works.
Read article from Who Owns Your Home With a Reverse Mortgage Loan?
Title and Reverse Mortgages: What You Need to Know
When you take a reverse mortgage, the title to your home remains in your name and you retain ownership of your home. Here's how it works.
Read article from Title and Reverse Mortgages: What You Need to Know
View more
Reverse Mortgage Equity Requirements
To be eligible for a reverse mortgage, borrowers need to own their homes outright or have substantial equity.
Applying for a Reverse Mortgage in 7 Steps
The process for getting any mortgage can be confusing. We break down getting a reverse mortgage into seven simple steps, starting with research.
Read article from Applying for a Reverse Mortgage in 7 Steps
What if You Don’t Have Enough Equity for a Reverse Mortgage?
A reverse mortgage requires that borrowers have substantial equity in their homes. Here are some options if you don't have enough equity to qualify.
Read article from What if You Don’t Have Enough Equity for a Reverse Mortgage?
View more
The Truth About Reverse Mortgage
Everyone has an opinion. Separate the facts from the fiction and learn the truth about reverse mortgages.
What Makes a Good Reverse Mortgage Candidate?
If you're curious to find out what makes a good reverse mortgage, here are some of the guidelines lenders will consider.
Read article from What Makes a Good Reverse Mortgage Candidate?
Why Reverse Mortgages Aren’t Just For the Rich
Find out why a reverse mortgage loan isn't just a tool for the rich.
Read article from Why Reverse Mortgages Aren’t Just For the Rich
Calculate your potential equity cash out
A quick calculation can be a general starting point for learning about your options, but it only scratches the surface of our industry-leading home equity solutions. Our licensed specialists are ready to help you get the most out of your home and find specific numbers like your maximum payout while guiding you toward the right decision for achieving your retirement goals.
