A reverse mortgage is a special type of home equity loan for homeowners aged 62 and older. It lets homeowners access a portion of their home equity as cash. Interest is added to the loan balance each month, so the balance grows over time. The loan is repaid when the last borrower, co-borrower or eligible spouse sells the home, moves out, or passes away. Most reverse mortgages today are Home Equity Conversion Mortgages (HECMs), which are federally insured.
After years of paying down your mortgage, you've built equity in your home. With a reverse mortgage, you borrow against that equity, and the loan balance grows over time. You don't repay the loan while you or an eligible spouse live in the home, but you still pay taxes and insurance and maintain the home. Neither you nor your heirs will ever owe more than the home is worth.
Reverse mortgages let older homeowners convert home equity into cash without selling and without a required monthly mortgage (principal and interest) payment. You still pay property taxes and homeowners insurance and keep up the home. The HECM for Purchase (H4P) program even lets you buy a new primary residence with no monthly mortgage payment required, combining the loan proceeds and your down payment into a single transaction.
Apply OnlinePark Grove Lending, LLC is not affiliated with or endorsed by the U.S. Department of Housing and Urban Development (HUD) or the Federal Housing Administration (FHA), and is not a government agency. HECM loans are insured by the FHA.
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