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WHAT IS A REVERSE MORTGAGE
AND HOW DOES IT WORK?

Check Eligibility

Do you not know what reverse mortgage means or how a reverse mortgage loan works? With RMF learn how a reverse mortgage is a home-secured loan that can turn part of the equity you’ve built up in your house into funds you can use today, or a reverse mortgage line of credit that will be there when you need it. Specifically designed for homeowners age 62+, it offers all the benefits of a traditional line of credit that you can get from a bank but with additional benefits — including a flexible repayment feature. As with any mortgage, the title to the home remains in your name, not the lender’s.¹

At a minimum, to be eligible you must be 62 years of age or older; you must have a certain percentage of equity in the home; and the house must be your principal residence. For more information, visit our eligibility page.

Understand How A Reverse Mortgage Keeps You in Control

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CUSTOMIZABLE

Your reverse mortgage loan is customizable meaning you choose how to receive your funds, either as a lump sum, line of credit, monthly advances or any combination of these.

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FLEXIBLE

With the flexible payment option, you decide how much or how little to pay each month towards your reverse mortgage loan principal and interest. Or you can choose to make no monthly loan payment at all.¹

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CONTROLLABLE

With no pre-defined loan maturity date, you can pay down the loan at any time, or defer repayment.

How Much Can You Receive from a Reverse Mortgage?

The amount you can receive generally depends on four factors: your age, the current interest rate, the appraised value of the home, and government-imposed lending limits.

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Advantages of a Reverse Mortgage

Among all types of home equity loans, getting a reverse mortgage comes with certain advantages over other types. If the loan balance ever exceeds the value of your home, you and your heirs are not responsible to pay the excess. As long as you satisfy your loan obligations, which include maintaining your home, paying your real estate taxes, and property insurance.

  • Establish a rainy day fund
  • Supplement your income
  • Refinance an existing mortgage
  • Repay a home equity loan
  • Pay off high-interest rate credit cards
  • Be more financially prepared
  • Pay for healthcare
  • Cover in-home care costs
  • Make or pay off a major purchase
  • Home improvements
  • Home modifications
  • Buy a home
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DIANE S.
Benicia, CA

I just so happen to have a reverse mortgage. The best thing I ever did in my life.

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JAMES J.
Philadelphia, PA

You get to stay in the house and that's a really good thing. Especially since you still own the house.¹

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RICK M.
Fairport, NY

It's a mortgage, or it's a line of credit, but with flexibility. I haven't heard yet any reason why I shouldn't pick this product.