Do you not know what reverse mortgage means or how a reverse mortgage loan works? With RMF learn how a reverse mortgage is a home-secured loan that can turn part of the equity you’ve built up in your house into funds you can use today, or a reverse mortgage line of credit that will be there when you need it. Specifically designed for homeowners age 62+, it offers all the benefits of a traditional line of credit that you can get from a bank but with additional benefits — including a flexible repayment feature. As with any mortgage, the title to the home remains in your name, not the lender’s.¹
At a minimum, to be eligible you must be 62 years of age or older; you must have a certain percentage of equity in the home; and the house must be your principal residence. For more information, visit our eligibility page.
We've created a guide to help families better understand how reverse mortgages work, and the role they can play in smart financial planning strategies for not only older homeowners, but also their adult children. It also addresses common questions and concerns that adult children have as they assist their parents in the decision-making process.