Keep your home. Lose the mortgage payment.

Live in your home without having to make any mortgage payments and have your home pay you instead. If you’re on a fixed income or just need extra cash, a reverse mortgage is an ideal solution. Use the extra funds to pay bills, travel, or repair your home. Apply online or at your nearest  branch today.

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How a Reverse Mortgage Works

A reverse mortgage, also called a Home Equity Conversion Mortgage (HECM), is a loan that uses your home as collateral, but instead of making payments to a lender, the lender pays you. Essentially, you are getting back the equity in your house through a loan. While you are in the home you do not need to make any payments to the lender, and you get to keep the title to your house.

At the end of your reverse mortgage — that is, when you permanently move out or pass away — the money you’ve used, plus interest, is deducted from the value of your house. Your beneficiaries can then sell the house and receive the remaining value. Or they can pay back the difference and keep the home. It’s completely up to them.

Reverse Mortgage Requirements

  • Must be age 62 or older.

  • Live in the home as your primary residence.

  • Own the property outright or have paid down a considerable amount.

  • Continue to pay for property related charges such as property taxes, homeowner’s insurance, HOA fees, etc.

  • Not be delinquent on any federal debt.

  • Participate in a consumer information session given by a HUD-approved HECM counselor.

If you’re 62 or older, talk to our home loan experts to determine if a reverse mortgage is right for you.