Homeowners 62 and older can access their home equity while staying in their home. Get a free quote to see how much you may qualify for.
A reverse mortgage is a loan for seniors age 62 and older. HECM reverse mortgage loans are insured by the Federal Housing Administration (FHA) and allow homeowners to convert their home equity into cash with no monthly mortgage payments.
We're here to make the reverse mortgage process a whole lot easier, with tools and expertise that will help guide you along the way, starting with our FREE Reverse Mortgage Qualifier.
We'll help you clearly see differences between reverse mortgage options, allowing you to choose the right one for you.
A reverse mortgage, most often an FHA-insured Home Equity Conversion Mortgage (HECM), lets homeowners 62 and older convert part of their home equity into cash. You can take it as a lump sum, monthly payments, a line of credit or a combination.
There’s no required monthly mortgage payment. You still own your home and must keep paying property taxes, homeowners insurance and upkeep. The loan is repaid when you sell, move out permanently or pass away, and you or your heirs will never owe more than the home is worth.
A strong fit if you: are 62 or older, have significant equity, plan to stay in your home long-term, and want to supplement retirement income or eliminate an existing mortgage payment.
How It Works With Prime Rate
Here's how our home loan process works:
A reverse mortgage can pay off your existing mortgage and free up monthly cash flow. Any remaining equity can go toward whatever you need. All HECM borrowers complete a short counseling session with a HUD-approved counselor first, so you’ll fully understand the loan before moving forward.
Mortgage rates change every day, and your rate will vary based on your location, finances, and other factors. Get your FREE customized rate comparison below:
