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A reverse mortgage can convert part of qualifying home equity into proceeds without a required monthly principal-and-interest payment, but it is a major financial decision with continuing homeowner obligations.
The loan balance generally grows as funds are advanced and interest and fees accrue. The home remains in the homeowner’s name, subject to the loan terms.
Selling, downsizing, refinancing, a home-equity product or family assistance may also address the underlying need. A mortgage professional can help identify questions to discuss with an independent counselor and trusted advisers.
Frequently asked questions
Yes. The borrower retains title, subject to the loan terms and continuing obligations such as taxes, insurance and property maintenance.
HUD-approved counseling is required for a federally insured HECM and helps borrowers review costs, obligations and alternatives.
General information is useful. A mortgage professional can help you evaluate the facts that apply to you.
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