Unlock Your Home's Value
Reverse Mortgage
Turn your home equity into cash while you stay in your home.
Unlock Your Home's Value
What Is a Reverse Mortgage?
A reverse mortgage is a loan for homeowners age 62 and older. It lets you turn part of your home equity into cash, without selling your home or making monthly mortgage payments. You stay in your home, and you keep the title.
How It Works
- You stay in your home and keep ownership
- You receive your funds as a lump sum, monthly payments, or a line of credit
- In most cases, the funds are not considered taxable income (a tax advisor can confirm what applies to you)
- The loan is repaid when you sell, move out, or pass away
Unlock Your Home's Value
Who Qualifies?
- Age 62 or older
- The home is your primary residence
- You have significant equity in your home
Is This Right for You?
A reverse mortgage can be a good fit if you’re 62 or older, you plan to stay in your home, and you want to use the equity you’ve built. As with any home, you remain responsible for property taxes, homeowners insurance, and home maintenance. Every situation is different, so a MegaStar loan officer can walk you through how it would work for you.
Frequently Asked Questions
Who qualifies for a reverse mortgage?
You must be age 62 or older, live in the home as your primary residence, and have significant equity in the home. A loan officer can confirm your specific eligibility.
How do I receive the money?
You can choose to receive your funds as a lump sum, as monthly payments, or as a line of credit. A loan officer can help you decide which option fits your plans.
Do I have to make monthly mortgage payments?
A reverse mortgage does not require monthly mortgage payments. You are still responsible for property taxes, homeowners insurance, and keeping the home maintained. A loan officer can explain the details.
When is a reverse mortgage repaid?
The loan is repaid when you sell the home, move out, or pass away.
Can my family still inherit my home?
Yes. Your heirs can still inherit the home, and they can choose to keep it by refinancing or to sell it.
See If a Reverse Mortgage Fits Your Retirement Plans
Every homeowner’s situation is different. Talk to a MegaStar loan officer to see how your home equity could work for you.
