Secure Your Retirement with a Reverse Mortgage
You’ve diligently paid off your mortgage for years—it’s time to cash in on the benefits.
Reverse mortgages allow homeowners aged 62 and older to eliminate their monthly mortgage payments and convert a portion of their home equity into cash.
How does a reverse mortgage work?
Homeowners apply for a reverse mortgage through an approved lender such as OM Mortgage.
To determine the loan amount, your lender will evaluate your home’s value, your age, and the current interest rates.
Once approved, you’ll receive the loan amount in a lump sum, monthly payments, a line of credit, or a combination of these options.
You retain your home ownership for as long as you live in it.
Reverse mortgage requirements
Reverse mortgage eligibility is based on the following:
- Borrower is aged 62 or older
- Home is the borrower’s primary residence
- Homeowner has 50% or more equity in the home
- Borrower can continue paying taxes, insurance, and maintenance costs
- Homeowner must participate in reverse mortgage counseling
Your lender will help you determine your eligibility and whether a reverse mortgage is right for you.
Reverse mortgage loan FAQs
Eligible borrowers are 62 years of age or older and have a significant amount of equity in their homes.
The home must also be the borrower’s primary residence, and the borrower must meet the lender’s financial requirements.
The amount you can borrow depends on your age, the appraised value of the home, current interest rates, and the type of reverse mortgage.
Yes, you still own your home with a reverse mortgage.
A reverse mortgage allows homeowners to access a portion of their home equity while retaining ownership and the right to live in the home.
Similarly to traditional mortgages, reverse mortgages have closing costs that may include fees for an appraisal, title insurance, surveys, and other related expenses.
Borrowers also may have an upfront mortgage insurance premium, and ongoing costs such as property taxes, homeowners insurance, and other property charges.