Your home has been part of your story. Could it support what comes next?
A reverse mortgage may give eligible homeowners age 62 or older another way to use their home equity while continuing to live in their home. If you’re exploring options for yourself or helping someone you care about, you deserve clear information before making a decision.
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What is a reverse mortgage?
A reverse mortgage is a home loan designed for eligible homeowners age 62 or older. Instead of making a traditional monthly mortgage payment, eligible homeowners may be able to access a portion of their home equity as funds they can use for a variety of needs.*
You continue to own your home and remain responsible for property taxes, homeowners insurance, maintenance, and other applicable property charges.
The loan generally becomes due when the last borrower permanently leaves the home, sells the property, or no longer meets the loan requirements.
Your home equity could give you more financial flexibility.
Depending on your situation and eligibility, funds from a reverse mortgage could help you:
- Supplement retirement income
- Pay off an existing mortgage
- Cover home improvements or repairs
- Prepare for unexpected expenses
- Create additional financial flexibility
How you use your home equity is a personal decision. Understanding your options is the first step.
A Few Common Reverse Mortgage Questions
Do I still own my home?
Yes. With a reverse mortgage, you retain ownership of your home as long as you meet the requirements of the loan.
Do I have to make monthly mortgage payments?
Reverse mortgages generally do not require monthly principal and interest mortgage payments. You must continue paying property taxes, homeowners insurance, maintenance costs, and other applicable property charges.
Can I stay in my home?
A reverse mortgage is designed to allow you to continue living in your home, provided you meet the terms of the loan, including occupancy and property-related requirements.
Can my heirs keep the home?
Your heirs generally have options when the loan becomes due, including paying off the loan balance if they want to keep the home. They may also choose to sell the property.
How much could I qualify for?
The amount available depends on several factors, which may include your age, home value, existing mortgage balance, interest rates, and the specific reverse mortgage program.
Have questions? Ask John.
A reverse mortgage is a significant financial decision, and you don’t have to figure it out from a website.
John Hudson can walk you through how reverse mortgages work, answer your questions, and help you understand whether exploring one makes sense for your situation. No pressure. Just straightforward information to help you make a confident decision.
