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Expert Reviews, Rates & Guides 2025
How Do Reverse Mortgages Work?
A reverse mortgage is a loan for homeowners aged 62+ that lets them turn part of their home’s value into cash without selling. Unlike a regular mortgage, you don’t make monthly payments—instead, the loan is paid back when you move out, sell the house, or pass away. The money can be taken as a lump sum, monthly payments, or a line of credit, but interest and fees add up over time. The loan must be repaid eventually, usually by selling the home or using other assets.
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Reverse Mortgages:
Pros & Cons
A reverse mortgage lets older homeowners (62+) borrow money against their home’s value without monthly payments, providing cash for retirement. Pros: No monthly mortgage bills, tax-free income, and you keep ownership of your home. Cons: High fees, rising debt over time, and less inheritance for heirs. The loan must be repaid if you move out or pass away, often by selling the house. It can help in retirement but risks losing your home if rules aren’t followed.
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Reverse Mortgage Eligibility
To qualify for a reverse mortgage, you must be at least 62 years old, own your home (or have at least 50% equity in it), and live there as your primary residence. Your home must meet FHA standards, and you’ll need to show you can pay property taxes and insurance. Lenders also check your credit and finances, but there’s no income requirement. The older you are and the more your home is worth, the more money you can borrow.
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