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Allows homeowners aged 62 and older to convert home equity into cash without monthly mortgage payments. Ideal for supplementing retirement income while staying in your home.
A reverse mortgage is right for you if you are 62 or older, own your home with significant equity, and want to supplement your retirement income without making monthly mortgage payments. The loan is repaid only when you sell, move, or pass away.
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Loan Limits
HECM limit: $1,209,750 (2024); proprietary reverse mortgages available for higher values
PMI / MIP
FHA MIP: 2% upfront + 0.5% annual (for HECM loans)
Occupancy
Primary residence only
You must complete a session with a HUD-approved reverse mortgage counselor who explains how the program works, its costs, and alternatives. This is required by law to protect borrowers.
Submit your application with property details and identification. Income verification focuses on ensuring you can pay property taxes, insurance, and maintenance rather than qualifying income.
A FHA appraisal determines your home's value and ensures it meets HUD minimum property standards. The underwriter calculates your available proceeds based on age, home value, and interest rates.
Sign closing documents and choose your disbursement option: lump sum, monthly payments, line of credit, or a combination. Existing mortgage is paid off first, and remaining proceeds are yours.
This information is not intended to be an indication of loan qualification, loan approval or commitment to lend. Rates, terms, and availability of programs are subject to change without notice.
Explore other loan products that might be a good fit for your needs.
Access your home equity with a flexible revolving line of credit. NetCORE offers HELOCs up to 90% LTV, significantly higher than the typical 65% offered by banks.
Replace your existing mortgage with a new loan to lower your rate, reduce monthly payments, shorten your term, or access your home equity through cash-out refinancing.
Apply online in minutes or call us to speak with a loan advisor about your Reverse Mortgage options.
This information is not intended to be an indication of loan qualification, loan approval or commitment to lend. Rates, terms, and availability of programs are subject to change without notice.
These FAQs are generated with AI assistance and reviewed periodically. For personalized advice about your specific situation, please call us or apply online.