Skip links
Apply Online
Get A Quote
City Edge Financial

Reverse Mortgage

Inflation can make getting by in retirement more difficult. A reverse mortgage can help you tap into your home’s equity while keeping your home. It can help supplement your income and make your retirement funds last longer.

What is a Reverse Mortgage?

A reverse mortgage is for borrowers at least 62 years old who own their home without liens. It allows seniors to tap into the equity their home has earned while still living in the home.

The best part is that you don’t have to pay the loan while living in it. The loan doesn’t require repayment until you sell the home or no longer live there. If you die living in the home, your estate will take care of the loan, paying it off when selling the home.

Who Qualifies?

To qualify for a reverse mortgage, you and any co-borrowers must be at least 62 years old. The amount you receive is based on the age of the youngest borrower. So the older you are when you borrow the funds, the more you might get.

To prove you qualify, you must have the following:

Own the home as your primary residence without any liens

Prove you can cover the home’s maintenance, repairs, insurance, and taxes

Take a HUD-approved counseling session

Proof the home is worth enough to lend you some of the equity

Proof you’ll live in the home full-time and will repay the loan when you no longer live there

How do you Receive the Funds?

Homeowners have options when deciding how to receive their funds from a reverse mortgage. Here are a few ways:

Lump sum – You can receive all funds at one time, investing or saving them as you see fit

Monthly payout – You can receive a set payment for a certain number of years or life from your home’s equity

Line of credit – You can set up a line of credit that provides you with access to the funds as needed

How to Get Started

If you’d like to tap into your home’s equity but stay in your home, contact us about a reverse mortgage. We’ll discuss your situation and help you find the right lender for your reverse mortgage needs.