Love Your Home? Imagine Life Without a Monthly Mortgage Payment.
You've spent years building equity in your home. A reverse mortgage could help you turn some of that equity into greater financial freedom, while continuing to live in the home you love.
For eligible homeowners, a reverse mortgage can pay off an existing mortgage and eliminate required monthly principal-and-interest payments. Depending on the loan and available equity, additional funds may be available for the things you want to do.
Your Home Has Been Building Equity. Now Put It to Work for You.
A reverse mortgage is about more than a loan. It's an opportunity to use the value you've built in your home to make the next chapter of life more comfortable and flexible.
Free Up Monthly Cash Flow
If you have an existing mortgage, an eligible reverse mortgage can pay it off and remove the requirement to make monthly principal-and-interest payments on the new loan.
Keep Living Where You Want
Continue owning and living in your home while accessing some of the equity you've accumulated over the years.
Make Your Home Work Better for You
Consider updates you've been putting off, from a bathroom remodel to accessibility improvements or help with daily living at home.
Enjoy More Retirement Possibilities
Depending on your available proceeds and loan structure, use funds for travel, family, unexpected expenses, or simply more financial flexibility.
What Would Change If Your Mortgage Payment Went Away?
For homeowners with a mortgage balance, the difference in monthly cash flow could be meaningful.
Keep the Home. Change How You Use Its Equity.
Perhaps you're happy right where you are. Your neighborhood is familiar, your friends are nearby, and the home fits the life you've built.
Instead of selling to access the equity you've accumulated, a reverse mortgage may let you use that equity while continuing to own and live in your home.
When the available loan proceeds are sufficient, the reverse mortgage pays off your existing first mortgage. You then have no required monthly principal-and-interest payment on the reverse loan. Depending on the product, additional available funds may be provided as a lump sum, monthly advances, or a line of credit.
The home you've invested in for years may be able to invest in your retirement.
Wondering how much equity you could access? Tell us a little about your home and what you'd like to accomplish.
Explore My Reverse Mortgage OptionsReverse Mortgages Are Not Just One Program.
Depending on your age, home value, existing mortgage, and goals, more than one reverse mortgage program may be worth exploring.
FHA-Insured Reverse Mortgage (HECM)
A Home Equity Conversion Mortgage can help qualified homeowners pay off an existing mortgage and access some of their home's equity. Available payout choices depend on the interest-rate and loan structure.
One powerful benefit: No required monthly principal-and-interest payments while the homeowner meets the loan obligations.
Proprietary Reverse Mortgage
For some homeowners, particularly those with higher-value properties, a proprietary reverse mortgage may offer another way to access home equity. Certain programs are available in Arizona beginning at age 55.
Another opportunity: Explore a reverse mortgage even if you're not yet 62.
Program availability and qualification vary. An FHA-insured HECM is different from a proprietary reverse mortgage. The appropriate program and funds available are determined from your individual circumstances.
A Few Questions, Answered.
Do I still own my home?
Yes. With a reverse mortgage, you retain ownership of your home, subject to the loan's terms and obligations.
Can I qualify if I still have a mortgage?
Possibly. Your existing mortgage can be paid off at closing if enough reverse mortgage proceeds, together with any required additional funds, are available.
How do I find out what might be available to me?
Complete our short home equity survey. We'll use your home's information and your goals to explore available loan programs and next steps.
Find Out What a Reverse Mortgage Could Do for You.
You don't have to know how much equity is available or which loan program fits. Tell us about your home, your goals, and a few financial details. We'll review the possibilities and follow up with you.
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