Reimagine your retirement with a Reverse Mortgage. A Home Equity Conversion Mortgage (HECM) loan–commonly known as a reverse mortgage–allows you to borrow against the equity in your home to access funds you can use immediately.

Reverse mortgages were once used primarily for cash flow purposes, but have since become a widely used tool for retirement funding. With a reverse mortgage, you can leave your nest egg untouched for longer, extend your retirement income and live the rewarding retirement you deserve.

Unlike conventional mortgage or home equity loans, a reverse mortgage comes with no monthly payments. For the loan to remain in good standing, you just need to continue to pay property taxes and homeowners insurance, and keep the home in good repair. The loan must be repaid when you sell it or no longer live there as your primary residence.

To qualify for a reverse mortgage, you must meet the following requirements:

• Be age 62 or older
• Own and live in your home
  • Houses and most condos qualify
  • Homes with existing mortgages may qualify
• Your home must be your principal residence, and meet U.S. Department of Housing and Urban Development (HUD) minimum property standards

You can choose to receive your reverse mortgage funds as a lump sum, line of credit, monthly installments, or a combination. Reverse mortgage loan proceeds can be used in a variety of ways, such as:

• As an alternative to a Home Equity Line of Credit (HELOC)
• Supplement your retirement income to help preserve your savings
• Pay off your existing mortgage to free up more cash each month
• Generate funds to help cover everyday (or unplanned) expenses
• Cover health care costs
• Make home renovations or upgrades
• Fund a major purchase, such as a new home or vehicle
• Finance a new home