What is a reverse mortgage?
A reverse mortgage uses the equity in your home to provide the homeowner with supplemental monthly income. The most common reverse mortgages are HECMs or home equity conversion mortgages. They are FHA insured and intended for homeowners that are 62 years old or older to access a percentage of their home’s equity.
Reverse mortgages are often used in cases where seniors find themselves needing extra monthly income, which can be useful for older retirees. If you outright own your home and think a reverse mortgage might benefit you, we would love the opportunity to help answer any questions you may have.