Home Equity Conversion Mortgages (HECM) or Reverse Mortgage Loans are available for senior homeowners age 62 or older to access the money that has built up over the years as equity.  You have worked hard to create this equity, and a Reverse Mortgage Loan allows your home to "pay you back" for your hard work.

How Does It Work?

A Reverse Mortgage Loan allows you to maintain the ownership of your home while accessing your equity, without requiring any monthly mortgage payment.  Yes, it's true! You will never be required to make a monthly mortgage payment as long as you occupy the home as your primary residence and remain current on property taxes and homeowner's insurance.

Depending on your qualifications and eligibility, you can receive your funds in a lump-sum distribution, line of credit, monthly or term disbursements paid directly TO YOU, or depending upon the program, any combination of these payment options.

Reverse Mortgage Benefits Include:

  • Funds received are Tax-Free (please consult your tax advisor)
  • You retain ownership of your home
  • There are generally no restrictions on how the proceeds of the loan can be used.
  • Upon the sale of the property, any and all remaining equity, after repayment of the outstanding loan balances, remains with you and your heirs
  • This is a non-recourse loan.  You can never owe more than the value of the home at the time of repayment
  • You have options to design a payment plan that suits your needs.


To be eligible for a Reverse Mortgage Loan on your primary residence, at least one person must be 62 years old and either own the home free and clear or have equity in the property to meet the program guidelines.  The property can be a single family, 2-4 unit dwelling, condominium, townhome, manufactured home or a unit in a planned unit development.