A reverse mortgage is a unique loan product that allows homeowners, ages 62 and older, to convert a portion of their home equity into cash. While the senior remains in their home, there are no required mortgage payments. Conversely, the lender makes payments to the senior! The cash can be used for monthly living expenses, medical costs, or to simply add to a nest egg. The senior is still responsible for taxes, insurance, home maintenance and any homeowners’ association fees, but that’s it.


  • At least one borrower must be 62 years of age or older
  • Borrowers must be able to pay taxes, insurance, and HOA (if applicable)
  • Borrowers can own their home outright or have a low balance on the mortgage that can be paid off at closing with proceeds from the loan


  • No FICO qualification
  • No debt-to-income ratios
  • Borrowers aren’t restricted on how to use the loan proceeds and it is non-taxable funds
  • A reverse purchase can help a borrower retain their savings, improve their monthly cash flow, and / or finance a purchase that would normally be beyond their budget
  • Helps borrowers age in place