Could I use some extra money to fund my retirement expenses?

yes A reverse mortgage loan may be a great way to increase your cash flow.

no Good for you! You're confident you have enough money right now.

no The minimum age to qualify is 62 years old. Until you reach your 62nd birthday, continue to research and educate yourself about reverse mortgages.

Do I want back-up funds to help my retirement accounts last longer?

yes Financial experts have learned ways to leverage a reverse mortgage for this purpose.

no Good for you! You're confident you have enough money right now.

Am I age 62 or older?

yes You satisfy the age requirement to qualify!

no A reverse mortgage loan uses the home you own as collateral; therefore, if you are not a homeowner, you may not qualify for a reverse mortgage. If you plan on buying a home, you may qualify for a HECM for Purchase.

Do I own my home?

yes You satisfy the homeownership requirement to qualify!

no A reverse mortgage is a kind of home equity loan where the loan is secured with a lien on your home. If you are not comfortable with one, then this is not the right option for you.

yes A reverse mortgage is a loan designed specifically to help seniors access a portion of their home equity and fund their retirement needs.

Am I comfortable getting a home equity loan?

Is my home a single-family home, a condo, a duplex or triplex, a manufactured home, or a farm home?

yes Your home may qualify! You can visit for additional details on any possible restrictions.

no Vacation homes, 2nd homes, mobile homes, Co-Ops, and multi-family homes of 4 units or more do not qualify at this time. Please visit for details.

Do I have at least 50% equity in my home?

no A reverse mortgage must pay off all existing debts on the property first. If you do not have enough equity to do so, then you may not qualify for the loan. Speak to a licensed reverse mortgage lender to help determine your eligibility.

yes You have a good chance of qualifying for a reverse mortgage

Do I want to eliminate my monthly mortgage payments?

yes A reverse mortgage loan will pay off your existing mortgage and allow you to access your equity without having to pay a monthly mortgage payment. You would still be responsible for standard expenses such as property taxes, homeowner’s insurance, and home maintenance.

no With a reverse mortgage loan you can still make monthly mortgage payments and there are no pre-payment penalties. Other options that would allow you to make monthly mortgage payments include a second mortgage or other kind of home equity loan.

Am I comfortable selling my house?

no A reverse mortgage loan can give you access to your equity without selling your home.

yes Selling your home to access your equity may be an option for you. There is also a type of reverse mortgage called the HECM for Purchase, which is available to help you buy a new home and get a reverse mortgage in one transaction.

Do I want to maintain ownership of my home?

yes A reverse mortgage is not the same as selling your home to the bank, so you maintain ownership of your home. The lender would have a lien on the property, the same as a traditional mortgage.

no If you no longer want to be a homeowner, then selling your home may be an option for you.

Do I plan to leave my home for more than 12 consecutive months?

no A reverse mortgage loan helps you to age in place and is perfect for seniors who plan to stay in their homes.

Reverse mortgage borrowers must live in the home as their primary residence. If you plan to use this as a vacation home or travel for more than a year at a time, this may not be the right option for you.

Do I have medical expenses or bills I would like to pay down or pay off?

yes The funds from a reverse mortgage can help pay down anything you choose, including medical bills, credit card balances, and home repairs

no You can use reverse mortgage funds for anything else you wish, or keep the proceeds on standby in case of emergencies.

Is it important to me to age in my home?

yes A reverse mortgage may be right for you because it was designed for just that.

no If it is not important for you to stay in your home as you age, you may have other options.

no If your heirs are not interested in keeping your home, at loan maturity they can sell the home and the proceeds will pay your loan off in full. Any remaining equity will go directly to them.

Do my heirs want to inherit the home?

yes They have the option to refinance into a traditional mortgage to keep the home after your reverse mortgage loan becomes due.

Can I afford to continue my homeowner obligations such as paying my homeowners insurance and property taxes?

yes Great! A reverse mortgage may be a good choice for you.

no You must be able to meet these financial obligations in order to avoid foreclosure. You may have the option to set aside some of your reverse mortgage proceeds in order to pay these continuing expenses.