Improve your life by cashing in on your home’s equity
Reverse mortgages (sometimes called "home equity conversion loans") enable older homeowners to benefit from their equity without having to sell their home. You can choose to receive these funds in a monthly payment, a line of credit, or a lump sum.
The amount of loan funds you may receive depends on the value of the home and the age of the youngest borrower or eligible non-borrowing spouse.
The loan does not have to be repaid until the borrower sells his home, moves out, or passes away. You or your estate representative is obligated to pay back the reverse mortgage amount, interest accrued, and finance fees at the time your home is sold, or you are no longer living in it.