Reverse Mortgages

  • Available to homeowners aged 62 and older
  • Receive payments monthly, in a lump sum, credit line or combination of the three
  • No monthly payments
  • No income or credit requirements to qualify
  • Does not impact traditional Social Security or Medicare payments*

Reverse Mortgages are federally insured loans for homeowners aged 62 and older that enable you to receive tax-free payments to use for your needs. You retain title and ownership of your home as you continue to make it your primary residence. Eligible property types include single-family, two to four multi-family units, townhomes, FHA-approved condos, and planned unit developments (PUDs), if they meet minimum FHA standards.

Repayment is not required until the last surviving borrower sells the home, permanently moves out of the residence, passes away, or if they do not pay property taxes or insurance, or keep the home in good condition. The amount of money that can be borrowed depends on the appraised value of the home in the current market, the age of the youngest borrower, prevailing interest rates, and the HECM (Home Equity Conversion Mortgage) program selected. There are two types of rate options available, with different payout options for each:

  • Fixed-Rate – provides a lump sum of all loan proceeds at closing; if applicable, interest, Mortgage Insurance (MI) Premiums, and service fees are added to the monthly loan balance owed
  • Adjustable-Rate (LIBOR) – provides more flexibility on how and when to use the proceeds; borrowers can receive monthly payments, a lump sum (or a combination of the two), or as a line of credit

As non-recourse loans, the primary homeowner will never owe more than the lesser of the loan balance or the value of the property. No assets other than the home can be used to repay the debt. The maximum amount owed in a Reverse Mortgage is the lesser of the value of the home at the time of sale, or the balance of the mortgage.

This material is not provided by, nor is it approved by the Department of Housing & Urban Development (HUD) or by the Federal Housing Administration (FHA). Reverse mortgage counseling is required.

*Contact your reverse mortgage representative for complete information

Please Note: Web site authorization by the New York State Department of Financial Services is pending. Until this site is authorized, no mortgage loan applications for properties located in New York will be accepted through this site.

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