A reverse mortgage (usually an FHA-insured HECM) lets homeowners 62 and older turn home equity into cash without a monthly mortgage payment.
A good fit for
- Retirees who want to stay in their home
- Supplementing retirement income
How it works
- Funds can come as a lump sum, monthly payments or a line of credit
- The loan is repaid when you sell, move out or pass away
- HUD-approved counseling is required first
Keep in mind
- You still pay property taxes, insurance and upkeep
- The loan balance grows over time
Is a Reverse Mortgage right for you?
Every lender's guidelines differ — Chip will shop them for you.
Related loan options
This page is general education, not a loan offer or commitment. Terms, eligibility and availability vary by lender and change over time.