Reverse Mortgages

A reverse mortgage allows eligible homeowners to borrow against home equity. Age, property, occupancy, counseling and financial assessment requirements depend on the program.

Required monthly principal and interest payments may be deferred, but interest and fees accrue and the balance can grow. Borrowers remain responsible for property taxes, insurance, upkeep and required occupancy. Failure to meet obligations can lead to default and foreclosure.

Discuss when repayment becomes due, effects on equity and heirs, and any protections for eligible spouses or co-borrowers. Compare alternatives and review the specific loan documents.