Age 62 or older? Your home equity can work for you.
A reverse mortgage (Home Equity Conversion Mortgage, or HECM) lets homeowners 62 and older turn part of their home equity into cash, a line of credit or monthly payments, with no required monthly mortgage payment while you live in the home. You still own the home, and you must keep paying property taxes, homeowners insurance and upkeep.
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Equity you could access (62+)
Rough illustration: $0
Illustration only, not an offer or a loan estimate. The amount you could receive depends on the youngest borrower's age, current interest rates, the FHA lending limit, your home's appraised value and existing liens. Your loan officer will give you exact figures.
See your reverse mortgage options
Tell us a little about your home. A licensed loan officer will contact you. No application and no credit check.
HUD counseling required. Before you apply for a HECM reverse mortgage, you must receive counseling from a HUD-approved counseling agency. Find one at hud.gov/counseling or call 1-800-569-4287.
A reverse mortgage is a loan. Interest and fees are added to the balance each month, so the amount you owe grows over time and your equity goes down. The loan becomes due when the last borrower sells, moves out for more than 12 months, or passes away, or if property taxes, homeowners insurance or upkeep are not kept current; failing to meet these terms can result in foreclosure. Heirs may repay the loan or sell the home. Reverse mortgage proceeds may affect eligibility for needs-based benefits such as Medicaid or SSI. These materials are not from HUD or FHA and were not approved by HUD or a government agency.