Reverse Mortgage

Live in your own home as long as you like without having to make any mortgage payments and have your home pay you instead.

How Does a Reverse Mortgage Work?

A reverse mortgage, also called a Home Equity Conversion Mortgage (HECM), is a loan that uses your home as collateral, but instead of making payments to a lender, the lender pays you.  Essentially, you are getting back the equity in your house through a loan. While you are in the home you do not need to make any payments to the lender, and you get to keep the title to your house.

At the end of your reverse mortgage—that is, when you permanently move out or pass away—the money you’ve used, plus interest, is deducted from the value of your house. Your beneficiaries can then sell the house and receive the remaining value.  Or they can pay back the difference and keep the home. It’s completely up to them.

Use the Money for Anything:

  • Make home repairs or renovations
  • Pay off debts or taxes
  • Cover health care costs
  • Travel or take a dream vacation


  • Must be age 62 or older
  • Live in the home as your primary residence
  • Own the property outright or have paid down a considerable amount
  • Continue to pay for property related charges such as property taxes, homeowner’s insurance, HOA fees, etc.
  • Not be delinquent on any federal debt
  • Participate in a consumer information session given by a HUD-approved HECM counselor

If you’re 62 or older, talk to our home loan experts to determine if a reverse mortgage is right for you.

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*Please consult your tax advisor.