{"id":71744,"date":"2021-03-02T14:20:15","date_gmt":"2021-03-02T22:20:15","guid":{"rendered":"https:\/\/www.redfin.com\/blog\/?p=71744"},"modified":"2023-05-02T11:57:00","modified_gmt":"2023-05-02T18:57:00","slug":"what-is-a-reverse-mortgage","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/blog\/what-is-a-reverse-mortgage\/","title":{"rendered":"What is a Reverse Mortgage and How Does it Work?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">If you\u2019ve lived in your current home for many years, you may reach the point where you\u2019ve made your final mortgage payment or are very close to paying off the house. Congratulations \u2013 this is a major accomplishment in the journey of homeownership.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Your home now represents pure equity; funds that could come in handy to pay for unexpected major expenses, medical bills, or any kind of financial emergency. But how do you gain access to some of that hard-earned equity from your home? These situations could be ideal for a reverse mortgage.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You may have heard the term \u201creverse mortgage.\u201d But what exactly does it involve, and why would you want to pull money out of your home in the form of another mortgage? <\/span><span style=\"font-weight: 400;\">Keep reading to find out.\u00a0<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-71745 size-large\" src=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2021\/03\/beautiful-red-brick-home-1024x683.jpg\" alt=\"beautiful red brick home\" width=\"1024\" height=\"683\" srcset=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2021\/03\/beautiful-red-brick-home-1024x683.jpg 1024w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2021\/03\/beautiful-red-brick-home-300x200.jpg 300w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2021\/03\/beautiful-red-brick-home-768x512.jpg 768w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2021\/03\/beautiful-red-brick-home-225x150.jpg 225w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2021\/03\/beautiful-red-brick-home-945x630.jpg 945w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2021\/03\/beautiful-red-brick-home-450x300.jpg 450w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2021\/03\/beautiful-red-brick-home.jpg 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<h2><span style=\"font-weight: 400;\">What is a reverse mortgage?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A reverse mortgage is a loan based on the current paid-up value or equity in your home. Instead of making a <\/span><a href=\"https:\/\/www.redfin.com\/mortgage-calculator\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">monthly mortgage payment<\/span><\/a><span style=\"font-weight: 400;\">, your lender can use your equity to pay you a set monthly amount, provide a credit line for you to draw upon as needs arise, or pay out a lump sum to you.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While gaining access to this money sounds great, it\u2019s essential to understand how a reverse mortgage works to avoid any pitfalls.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How does a reverse mortgage work?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">When you have a <\/span><a href=\"https:\/\/www.redfin.com\/blog\/what-is-a-mortgage\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">regular mortgage<\/span><\/a><span style=\"font-weight: 400;\">, you pay the lender every month so you can eventually own your home outright. With a reverse mortgage, you get a loan in which the lender pays you. Reverse mortgages use part of the equity in your home and convert it into payments to you.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You do not need to pay back this loan until you move, sell the home, or pass away. When you (or your heirs) sell the home, the reverse mortgage loan balance is deducted from the proceeds of the sale. Any balance remaining from sale proceeds reverts to you or your heirs.<\/span><\/p>\n\n<p>&nbsp;<\/p>\n<h2><span style=\"font-weight: 400;\">What can you pay for with a reverse mortgage?\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Here is a shortlist of expenses you can pay for with funds from a reverse mortgage:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Medical debt<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Living expenses<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Debt consolidation<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Home improvements<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">College tuition<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Another home purchase<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Or, you can use it as supplemental income<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">There are no stated constraints for how you use the money. But that doesn\u2019t mean you should run right out and get one. Be sure to read the pros and cons to understand if this financial tool makes sense for your situation.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How do I qualify for a reverse mortgage?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Prepare to shop around for the right type of reverse mortgage to suit your situation. If you meet all of these qualifications, a reverse mortgage might meet your needs:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The primary loan holder must be age 62 or older \u2013 your spouse may be younger.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You must own your home outright or have just one mortgage which you are the borrower.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You\u2019ll be required to pay off the existing mortgage using the proceeds from your reverse mortgage.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The home must be your primary residence.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You must be current on all property taxes, homeowners\u2019 insurance, and other mandatory legal obligations (like HOA dues).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You must attend a consumer information class led by a HUD-approved counselor.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Your home must be maintained and in good condition.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The home must be a single-family home, condo, townhouse, manufactured home built after June 1976, or a multi-unit property with up to four units.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">There are 3 reverse mortgage types<\/span><\/h2>\n<h3><span style=\"font-weight: 400;\">Single-purpose reverse mortgages\u00a0<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">These are offered by some state and local government agencies and nonprofits. For a single-purpose reverse mortgage, the lender specifies how loan proceeds must be spent. For example, you may only be able to use the funds for property taxes or home repairs. This is the least expensive type of reverse mortgage, and low and moderate-income homeowners can often qualify.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Home Equity Conversion Mortgages (HECMs)<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">HECMs are reverse mortgages backed by the Department of Housing and Urban Development (HUD). You can use proceeds from a HECM for any purpose. This type of loan will be more expensive than a single-purpose reverse mortgage or traditional home loan, including high <\/span><a href=\"https:\/\/www.redfin.com\/blog\/closing-costs-when-buying-a-home\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">closing costs<\/span><\/a><span style=\"font-weight: 400;\">. If you plan to stay in your home for a long time, the upfront costs are less of an issue.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Proprietary reverse mortgages<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">These loans are offered by private lenders. You may be able to get a larger loan from a private lender if you own a high-value home over $500,000. These loans are more expensive than single-use loans and similar to HECMs.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How much money can you get from a reverse mortgage?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The amount of money you can access from a reverse mortgage will vary with the amount of equity you have in your home, your age, the home\u2019s current <\/span><a href=\"https:\/\/www.redfin.com\/us-housing-market\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">market value<\/span><\/a><span style=\"font-weight: 400;\">, current interest rates, and the specific type of reverse mortgage.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you have another loan, lien, or outstanding balance on your home equity line of credit, you will be required to pay the outstanding balances first with any funds you received from a reverse mortgage. The obligation includes any property tax liens, or contractor, or other private liens.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How much does a reverse mortgage cost?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The costs and terms for a single-purpose reverse mortgage and a proprietary reverse mortgage can vary. You\u2019ll want to shop around with different agencies and <\/span><a href=\"https:\/\/www.redfinmortgage.com\/mortgage\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">mortgage lenders<\/span><\/a><span style=\"font-weight: 400;\"> to find the most favorable terms. Costs for HECM loans are well-documented since the government backs such loans. However, you will not need to pay loan costs out of pocket because the costs can be covered by loan proceeds, which will reduce the net loan amount available for expenses.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">HECM costs include:\u00a0<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Mortgage Insurance Premium (MIP): <\/b><span style=\"font-weight: 400;\">This mortgage insurance guarantees that you will receive expected loan advances. You can finance the MIP as part of your loan. Initially, you will be charged 2% of the loan amount for MIP at closing. This is followed by an annual MIP equal to 0.5% of the mortgage balance over the loan\u2019s life.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Third-party Charges:<\/b><span style=\"font-weight: 400;\"> Third-party costs include an appraisal, title search and insurance, surveys, inspections, recording fees, mortgage taxes, credit checks, and other fees. These costs are paid at closing.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Origination Fee:<\/b><span style=\"font-weight: 400;\"> Like any mortgage, the lender gets paid to process your loan. A lender can charge the greater of 2% of the first $200,000 of your home\u2019s value + 1% of the amount over $200,000 or $2,500. All origination fees are capped at $6,000.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Servicing Fee:<\/b><span style=\"font-weight: 400;\"> Service fees over the term of the loan cover services that include sending the account statements to you, paying property taxes and insurance on your behalf, and disbursing loan proceeds. If the loan has an annual adjusted interest rate or a fixed interest rate, the service fee caps $30 per month. If your interest rate adjusts monthly, the monthly service fee caps at $35.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">At loan closing, the lender deducts the first servicing fee from your available funds and then adds each monthly servicing fee to your loan balance. Alternatively, lenders may include the servicing fee in the mortgage interest rate by charging a higher rate.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Reverse mortgage pros and cons<\/span><\/h2>\n<h3>Pros:<span style=\"font-weight: 400;\">\u00a0<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A reverse mortgage can give you financial options and additional income during retirement.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If the primary loan holder passes away, the spouse can stay in the house and continue to receive payments from the loan.\u00a0\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You don\u2019t have to make monthly mortgage payments.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Depending on the type of reverse mortgage, your funds can be used for any expense.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">It can be used as a way to stop or prevent foreclosure and loss of the home.<\/span><\/li>\n<\/ul>\n<h3>Cons:<span style=\"font-weight: 400;\">\u00a0<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You will owe more over time due to interest on the loan.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You could lose your home if you don\u2019t maintain payments for property taxes and insurance.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You reduce the equity in your home because you are, in effect, lending it to yourself.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The upfront cost of a reverse mortgage can be thousands of dollars.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Your heirs may not be able to keep the home if they can\u2019t afford to pay off the loan.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Is a reverse mortgage a good idea?\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">While a reverse mortgage involves certain complications, it can be an excellent way to supplement your income during retirement, pay for medical expenses, or home improvements that allow you to age in place. As with any loan, it makes good sense to shop around for the best terms and fees. Guidance from a HECM counselor can help you make the best choice.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A reverse mortgage is a type of home loan that allows seniors, ages 62 and older, to convert their home equity into cash.<\/p>\n","protected":false},"author":516,"featured_media":71745,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[34277],"tags":[4007,3242,3712],"coauthors":[12438],"class_list":["post-71744","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-home-buyer-tips","tag-mortgage-tips","tag-redfin-mortgage"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What is a Reverse Mortgage and How Does it Work? - Redfin<\/title>\n<meta name=\"description\" content=\"A reverse mortgage is a type of home loan that allows seniors, ages 62 and older, to convert their home equity into cash.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/blog\/what-is-a-reverse-mortgage\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is a Reverse Mortgage and How Does it Work?\" \/>\n<meta property=\"og:description\" content=\"A reverse mortgage is a type of home loan that allows seniors, ages 62 and older, to convert their home equity into cash.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.redfin.com\/blog\/what-is-a-reverse-mortgage\/\" \/>\n<meta property=\"og:site_name\" content=\"Redfin | Real Estate Tips for Home Buying, Selling &amp; More\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/redfin\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-02T22:20:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-02T18:57:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2021\/03\/beautiful-red-brick-home.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Emily Huddleston\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@redfin\" \/>\n<meta name=\"twitter:site\" content=\"@redfin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Emily Huddleston\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/what-is-a-reverse-mortgage\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/what-is-a-reverse-mortgage\\\/\"},\"author\":{\"name\":\"Emily Huddleston\",\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/#\\\/schema\\\/person\\\/7cb0e052f6cd9c9c3c4816b9846a543b\"},\"headline\":\"What is a Reverse Mortgage and How Does it Work?\",\"datePublished\":\"2021-03-02T22:20:15+00:00\",\"dateModified\":\"2023-05-02T18:57:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/what-is-a-reverse-mortgage\\\/\"},\"wordCount\":1401,\"publisher\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/what-is-a-reverse-mortgage\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.redfin.com/blog\\\/wp-content\\\/uploads\\\/2021\\\/03\\\/beautiful-red-brick-home.jpg\",\"keywords\":[\"Homebuyer Tips\",\"Mortgage Tips\",\"Redfin Mortgage\"],\"articleSection\":[\"Finance\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2021\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/what-is-a-reverse-mortgage\\\/\",\"url\":\"https:\\\/\\\/www.redfin.com/blog\\\/what-is-a-reverse-mortgage\\\/\",\"name\":\"What is a Reverse Mortgage and How Does it Work? 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