Unlock Your Home’s Equity with a Reverse Mortgage
For many seniors, their home is their largest asset, but accessing that equity can be difficult with traditional loans. A reverse mortgage allows homeowners to tap into their home’s value without monthly payments and without repayment required during their lifetime—payments are made to the homeowner instead of the lender.
Many seniors use reverse mortgages to pay off an existing mortgage, fund home repairs, consolidate debt, or even make a down payment on a second home. This option can provide extra income to stay in your home comfortably and help finance improvements that may increase the home’s value when it’s time to sell.
Who Can Qualify for a Reverse Mortgage?
Virtually any homeowner aged 62 or older can qualify for a reverse mortgage, as long as the home is their primary residence. Eligible properties include single-family homes, condos, co-ops, permanent mobile homes, and manufactured homes. Unlike traditional loans, there are no income, asset, or credit score requirements, making it an accessible way for seniors to access their home’s equity. This flexibility helps homeowners get the funds they need without the usual barriers of conventional financing.
