A reverse mortgage is a special type of mortgage that enables you, as a home owner, to tap the equity you have in your home while giving you the maximum amount of flexibility to address your particular financial needs. Whether it is in a lump sum to pay an unexpected hospital bill or a stream of regular payments to supplement your monthly income. Unlike traditional home equity loans, no repayment of the loan is required until you no longer occupy the home as your principal residence.

With a reverse mortgage, you borrow against the value of your home and receive loan proceeds according to the payment plan that you select. As a borrower, you are permitted to change payment plans at any time after origination. You may change payment plans as many times as you wish. When you sell your home or vacate it for any reason, the accrued interest plus what the lender has lent you through the years is due. The only requirements for a reverse mortgage are that you be 62 or older, you own your own home, and that the lender can pay off any liens or mortgages that are on your home.