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How Does a Reverse Mortgage Work?
A Reverse Mortgage allows you to get funds from your home's equity in either monthly payments or in a lump sum. You stay in your home and retain the title for life†.
Reverse Mortgage FAQ:
Can I take 100% of my Home's Value?
No, the total maximum loan amount is determined by your loan to home value amount and your age.
Is the money I take from a Reverse Mortgage Taxable?
In most cases the monthly payments or lump sum amount is not taxable*.
Do I give up ownership of my home when I get a reverse mortgage?
No, you retain ownership and stay in your home with a reverse mortgage†.
†Borrower must continue to pay property taxes, homeowner’s hazard insurance policy, HOA fees if applicable, and maintain the property equal to when the loan was closed. Borrower must occupy the home as a principal residence.