Program Overview

Today, there are more homeownership options for retired individuals and couples than ever before.

Make the Most of Retirement!
If you are at least 62 years old and have low or no outstanding mortgage debt, our Reverse Mortgage programs allow you to borrow against the equity you've built in your home without your repaying the debt for as long as you live there. That's the "reverse" part of this kind of mortgage loan. Instead of making monthly payments, you can opt to receive them!



Reverse Mortgage vs. Traditional Refinance Loans
Traditional refinance loans mean that the homeowner borrows a large amount of money and makes monthly payments. As payments are made, the loan balance gets smaller and the equity grows.

With a Reverse Mortgage, the homeowner borrows small amounts - monthly or at other intervals through a line of credit. Over the course of time, the loan balance gets larger, and equity gets smaller. Payment is required only once, at the end of the loan, which in most cases is when the homeowner dies, sells or no longer uses the home as a primary residence.

Flexible Access to Extra Income
Reverse Mortgages allow borrowers to obtain loan proceeds:

• in a lump sum to cover large expenses
• in monthly installments to supplement income
• as a line of credit to draw on as necessary

There is even a choice for an immediate cash advance in addition to monthly allotments. And borrowers can change funds-distribution plans as many times as they wish.

Stay in Your Home with Peace of Mind

• There are no income, employment or credit qualifying restrictions.*
• Maximum loan amount is based on age, where borrower lives and the value of the home. The amount owed can never exceed property value, so a Reverse Mortgage can never cause you to lose your home.
• The funds received during loan term, plus any accrued interest, become due when borrower sells or no longer uses the home as a primary residence.