See if a reverse mortgage fits
Turn your home equity into retirement income.
A reverse mortgage lets homeowners 62 and older turn home equity into cash with no monthly mortgage payment.
- No monthly mortgage payment required
- Take a lump sum, monthly payments, a line of credit, or a mix
- You keep the title and continue to own your home
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How a reverse mortgage works
A reverse mortgage (most commonly a Home Equity Conversion Mortgage, or HECM, insured by FHA) lets you borrow against your home's equity. Instead of making payments, the loan balance grows over time and is repaid when the home is sold or is no longer your primary residence.
Your responsibilities
You must live in the home as your primary residence, keep it maintained, and stay current on property taxes, homeowners insurance and any HOA dues. All HECM borrowers complete a short session with a HUD-approved counselor before applying.
This material has not been reviewed, approved or issued by HUD, FHA or any government agency.
Common questions
Will I still own my home?
Yes. You keep the title. The loan is repaid when you sell, move out permanently or pass away, usually from the sale of the home.
Can I owe more than my home is worth?
With an FHA-insured HECM, neither you nor your heirs will owe more than the home's value when it's sold.
Can I buy a new home with a reverse mortgage?
Yes. A HECM for Purchase lets you buy a home that better fits retirement without taking on a monthly mortgage payment.