Our helpful tutorial offers practical information and sensible advice to help you make informed decisions regarding your financial future.

1. 1. Understanding the Basics
2. 2. How your loan works
3. 3. Important Considerations
4. 4. Managing your equity

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This free downloadable guide offers in-depth information and useful advice to help you understand and evaluate all of your reverse mortgage options. Keep it as a handy reference throughout the process, so you’ll be armed with facts.
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Use our online reverse mortgage calculator to crunch the numbers before you make a decision. You’ll get an estimate of how much money you may be able to take out of your home.
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If you still have questions about reverse mortgages, chances are you’ll find the answers on our FAQ page.

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Instead of making monthly payments, you can choose to receive them. That’s the “reverse” part of a reverse mortgage; it allows you to convert the equity in your home into income.

Having spent years repaying the mortgage that allowed you to buy your home, you can now tap into that investment to help you achieve your goals later in life. However you plan to use your equity — whether traveling, paying medical expenses, improving your home, or just adding a bit of cushion to your monthly budget — you'll have a golden opportunity to put your nest egg to good use.

Nothing happens to your home — you remain the owner for as long as you live there, you cannot be forced to move, and you retain title and all ownership rights and privileges. Unlike a traditional mortgage, however, your balance cannot exceed the value of your home when you sell it. So no matter how much money you receive through your reverse mortgage, you cannot owe more than your home is worth. Having that assurance is important. After all, you've put a lot of money into your home, and you should have control over how to take it out.

To be eligible for a reverse mortgage, all owners must be at least 62 years of age and the home must be your primary residence. The home can be a single family residence or attached single family residence. Condo’s, Townhomes, Planned Unit Developments (PUD), and some manufactured homes are eligible.

In addition to age and property eligibility, The Department of Housing and Urban Development (HUD) requires that you speak with an approved reverse mortgage counselor. The HUD supervises counseling agencies that can work with you in person or, more commonly, over the phone. There is a nominal fee for the counseling session. Be sure to speak with your Reverse Mortgage Specialist to discuss your counseling options, especially if you are not able to afford counseling.

The maximum loan amount for a reverse mortgage is based primarily on three factors:

1. the age of the youngest borrower
2. the value of the home
3. the current interest rate

To estimate the amount you could receive from a reverse mortgage, use the NRMLA Reverse Mortgage Calculator.

Imagine Home Lending can help you access your home equity through one of two reverse mortgage products: the Home Equity Conversion Mortgage (HECM) or the Fannie Mae Home Keeper® Mortgage. Each one offers a different set of features and benefits. Read about both (Link to guides) to find out which one fits your individual financial goals.

Depending on the specific reverse program you choose, you can select one of four options for receiving your reverse mortgage funds:

• Term. Provides fixed cash advances for a predetermined time period.
• Tenure. Provides fixed cash advances for as long as you occupy the property as your primary residence.
• Line of Credit. Establishes a credit line that you can draw upon as you wish.
• Combination. Allows you to combine any of the other three payment options in a way that fits your needs.

Reverse mortgages carry variable interest rates, but with some programs you can choose a rate that adjusts annually or monthly and there is a fixed rate option.

• Annual rate adjustments are usually capped at two points per year and five points over the life of the loan. On the other hand, they provide a lower maximum loan amount.
• Monthly rate adjustments feature a larger maximum loan amount with generally no annual adjustment cap, and instead are capped at ten points over the life of the loan.
• Fixed rate options are available with the reverse mortgage. These interest rates are generally higher and will typically make less equity available compared to the monthly and annual adjustable rate options.