Loan Options • Reverse Mortgage
Reverse mortgages
A reverse mortgage lets homeowners age 62 and older turn part of their home equity into cash while continuing to live in their home.
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At a glance
- For homeowners age 62 and older
- Home must be your primary residence
- Receive funds as a lump sum, monthly payments, a line of credit or a combination
- Can also be used to buy a new home (HECM for Purchase)
Talk with a licensed loan officer
Is it right for you?
Who it’s for
A reverse mortgage may help you supplement retirement income, pay off an existing mortgage or cover health care and home costs. It is an important decision, so we encourage you to involve family and trusted advisors.
Good to know
- You must continue to live in the home and pay property taxes, homeowners insurance and any HOA dues, and keep the home in good repair.
- The loan balance grows over time and becomes due when the last borrower sells, moves out permanently or passes away.
- HUD-approved counseling is required before you apply for a HECM.
How it works
- Talk with usA quick, no-pressure call about your goals and budget.
- Apply onlineA secure application you can finish in minutes.
- Review your optionsClear numbers side by side so you can choose with confidence.
- CloseRegular updates from approval to the closing table.
FAQs
Common questions
Do I still own my home with a reverse mortgage?
Yes. You keep the title to your home. You must continue to meet the loan obligations, including paying property taxes and insurance and maintaining the home.
Do I have to make monthly mortgage payments?
No monthly mortgage payment is required, but you can make payments if you choose. You remain responsible for property taxes, insurance and upkeep, and the loan must be repaid when it becomes due.
What happens to the home for my heirs?
When the loan becomes due, your heirs can repay the loan and keep the home, or sell it. With a HECM, they generally will not owe more than the home is worth when sold.
A reverse mortgage is a loan that must be repaid. Borrowers must meet HUD and program requirements and remain current on property taxes, homeowners insurance and home maintenance, or the loan may become due. Consult a financial advisor and HUD-approved counselor. These materials are not from, and have not been approved by, HUD or FHA. This is not a commitment to lend. All loans are subject to credit approval, underwriting guidelines, property eligibility and program availability. Not all applicants will qualify. Terms and programs may change without notice. FLO Mortgage, Company NMLS #1835856. Equal Housing Opportunity. Licensing & Disclosures.
Ready to see your numbers?
Answer a few quick questions and a local loan officer will follow up with your options.