Reverse Mortgages

How it works.

A reverse mortgage may allow an eligible older homeowner to convert part of their home equity into funds. The loan balance generally grows over time and becomes due when a triggering event occurs, such as selling the home or no longer living in it as a principal residence.

At a glance

• Generally for homeowners age 62 or older
• No required monthly mortgage payment for eligible products
• Taxes, insurance, and maintenance remain your responsibility

What to consider

Interest and fees accrue, reducing remaining equity. Borrowers remain responsible for property taxes, insurance, and home maintenance. Review the obligations, costs, and effect on heirs carefully with a qualified professional.

Program details and qualification depend on the lender and your circumstances.