If you are at least 62 years old and own your own home, a reverse mortgage may be a useful financial tool to allowing you to access the equity in their home without having to sell or make monthly mortgage payments. Unlike a traditional mortgage, you don’t make monthly payments. Instead, the monthly payment is added to your balance monthly.

• You must be 62 or older
• Primary Residence Only
• Can be used to purchase a home, potentially eliminating their new monthly mortgage payment.
• Repayment of the loan is deferred until the home is sold, the last borrower permanently moves out of the home, or the last borrower passes away.
• HUD RM counseling is required.