Reverse Mortgages are helping older Americans across the country achieve greater financial security, and enjoy their retirement years to the fullest. Imagine having the income you need to remain living comfortably in your home in retirement and at the same time make much needed repairs or renovations, afford quality home healthcare or even vacation with family and friends.

A Reverse Mortgage is a loan that allows seniors to use the equity they’ve accumulated in their homes over the years to improve their quality of life and knock down the financial barriers to independent living. By converting equity into income, a reverse mortgage is a way to stay in your home and receive cash to use for any purpose; whether it’s day to day living expenses, home remodeling or repair, paying off existing debt, earning a college degree, or traveling the world. Best of all, you retain the title and you remain living in your home.

Homeowners who are age 62 years and older can qualify and may be eligible even if there is an existing first or second mortgage. There is no income qualification. The size of the reverse mortgage granted depends upon the applicant’s age, the type of reverse mortgage sought, the home’s value, and interest rates.

For as long as a reverse mortgage is outstanding, no monthly mortgage payments are required. The loan matures when the borrower no longer occupies the home as a primary residence. This typically occurs upon the sale of the home, or if the owner permanently moves or passes away.