A reverse mortgage is a home loan for homeowners age 62 and older that lets you convert part of your home equity into cash. Instead of you making monthly payments to a lender, the lender pays you — and the loan is repaid when you sell, move out, or pass away.

Generally you must be at least 62, live in the home as your primary residence, and have enough equity (usually 50% or more). You’ll also complete a short HUD-approved counseling session and be able to keep up with property taxes, insurance, and upkeep.

The amount depends on your age, your home’s value, current interest rates, and the loan type. Older borrowers with more equity typically qualify for more. We’ll run your numbers and show you an exact estimate at no cost.

Yes. You keep the title and full ownership of your home. The reverse mortgage is simply a lien, just like a traditional mortgage — the bank does not own your house.

No monthly principal or interest payments are required. You do remain responsible for property taxes, homeowners insurance, and basic maintenance to keep the loan in good standing.

You choose: a lump sum, fixed monthly payments, a line of credit you draw from as needed, or a combination. The flexible line of credit is popular because the unused portion can grow over time.

The funds are loan proceeds, not income, so they are generally not taxable and typically do not affect Social Security or Medicare. They can affect need-based benefits like Medicaid — always confirm with a tax or benefits advisor.

The loan becomes due. You or your heirs can repay it by selling the home (keeping any remaining equity) or by paying the balance to keep the home. Heirs are never personally on the hook beyond the home’s value.

As long as you live in the home and stay current on property taxes, insurance, and upkeep, you can stay for life. The loan only comes due if the home is no longer your primary residence or those obligations go unmet.

Costs can include an origination fee, mortgage insurance premium, appraisal, and standard closing costs. Most of these can be financed into the loan so you have little out of pocket. We’ll give you a full, itemized breakdown up front.

It depends on the program. FHA loans can go as low as 580 (sometimes 500 with more down), VA and Conventional generally prefer 620+. A higher score usually means a better rate. We can also help you improve your score before applying.

Less than you might think: Conventional as low as 3%, FHA at 3.5%, and VA or USDA at 0% down for those who qualify. Down payment assistance programs may also be available.

FHA is flexible on credit with low down payment. VA is for eligible veterans and active service members with 0% down and no monthly mortgage insurance. Conventional often has the best long-term cost for stronger credit profiles. We’ll match you to the right one.

Pre-approval is a lender’s written estimate of how much you can borrow based on your income, credit, and assets. It shows sellers you’re serious and speeds up closing once you find a home.

Most purchase loans close in about 20–30 days once you’re under contract. With our online, AI-assisted processing, we work to make it faster and smoother than the industry average.

It replaces your current loan with a new one to lower your interest rate, shorten your term, or switch from an adjustable to a fixed rate — without taking cash out. The goal is to save money over the life of the loan.

A cash-out refinance replaces your mortgage with a larger loan and gives you the difference in cash — useful for home improvements, paying off higher-interest debt, or major expenses. You can typically access up to 80% of your home’s value.

Usually recent pay stubs, W-2s or tax returns, bank statements, and a photo ID. Self-employed or retired borrowers may provide alternative income documents. We’ll give you a simple checklist tailored to you.

Closing costs are the fees to finalize your loan — things like appraisal, title, escrow, and lender fees. They often run 2–5% of the loan amount, and in many cases can be reduced, credited, or rolled into the loan.

Often yes — by securing a lower rate, extending your term, or removing mortgage insurance. We’ll compare your options and show you the real break-even point so you know if it makes sense for you.