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Reverse Mortgages

Access the equity in your home while eliminating monthly mortgage payments.

What is a Reverse Mortgage?

A reverse mortgage, or Home Equity Conversion Mortgage (HECM), is a loan programs that allows seniors to convert a portion of the equity in their home into cash.

How does it work?

You can access the equity in your home while eliminating monthly mortgage payments by using one of three options

You receive the full amount of your loan in one lump sum.  You make no monthly mortgage payments but interest will accrue and be added to the balance of your loan.

This option is a fixed rate loan.

You receive equal monthly payments either for as long as you live in the home or for a set amount that choose at the time of application.

This option is an adjustable rate program.

A line of credit will be set up for the full amount that you want to borrow and can qualify for.  You can then access the funds all at once, on a monthly basis or as needed.

This option is an adjustable rate loan.

Ready to get started?

What can the funds be used for?


You have total control and flexibility over the use of your funds.  Some common examples of how the funds are used include:

  • Home Improvements
  • Cover out of pocket health care costs
  • Supplement your monthly income
  • Delay taking a social secuirity distribution
  • Help family members
  • Cover life's little extras

You must meet these basic requirements:

  • Be 62 years of age or older 
  • Occupy the home as a primary residence 
  • Not be delinquent on any federal debt 
  • Have sufficient equity in your home
  • Keep the home in good condition
  • You must continue to pay property taxes and home insurance  
  • You will need to complete a HUD counseling course  
  • Single Family Detached Homes 
  • FHA approved Condos 
  • 2-4 Unit owner occupied properties 
  • Manufactured homes built after 1976