What is a reverse mortgage?

Reverse mortgages are part of a government-sponsored program available to seniors over 62. You can receive an FHA-guaranteed loan for approximately 50% to 80% of the equity in your home at a low interest rate, typically from 3% to 4%. You don't have to repay the loan in your lifetime. You retain 100% ownership in your home and benefit from all future appreciation of the property.

The costs of a reverse mortgage are about the same as a conventional mortgage, and the origination fee, appraisal and inspection fees, title policy, mortgage insurance and other standard closing costs can be financed as part of the loan. The federal government caps all fees, so there is no price gouging or discrimination.

Who is eligible?
How Reverse Mortgage works?
Why Reverse Mortgage?
FAQ