Reverse Mortgage
“I'm 62 or older and have equity in my home.”
A reverse mortgage lets homeowners 62 and older turn home equity into cash — with no required monthly mortgage payment — while continuing to live in and own their home.
What Is a Reverse Mortgage?
A reverse mortgage is a loan for homeowners age 62 and older that converts part of your home equity into funds you can receive as a lump sum, monthly payments, or a line of credit. You keep the title to your home, and no monthly mortgage payment is required — the loan is repaid when you sell, move out, or pass away.
You remain responsible for property taxes, homeowners insurance, and maintaining the home.
Who a Reverse Mortgage Is Right For
- Homeowners age 62 or older
- Those with significant equity in their home
- Retirees who want to supplement their income
- Homeowners who want to eliminate a monthly mortgage payment
- Those planning to stay in their home long-term
Frequently Asked Questions
Do I still own my home with a reverse mortgage?
Yes. You keep the title and continue to live in your home; the loan becomes due when you sell, permanently move out, or pass away.
Do I have to make monthly payments?
No monthly mortgage payment is required. You remain responsible for property taxes, homeowners insurance, and maintaining the home.
Explore other loan programs
Let’s talk numbers.
Talk to a Dream Team loan officer about the Reverse Mortgage and find out if it’s your best option.
ALCOVA Mortgage, LLC — NMLS #40508 (www.nmlsconsumeraccess.org). Equal Housing Lender. Informational only; not a commitment to lend. All loans subject to underwriting approval.