What is a reverse mortgage and who is it for?
A reverse mortgage is a loan for eligible older homeowners that converts a portion of home equity into proceeds — lump sum, line of credit, or monthly payments — without requiring a monthly mortgage payment, as long as the borrower meets the loan's ongoing obligations. Mortgage Go originates reverse mortgages through licensed loan officers in the states where each officer is individually licensed.
Who it's for
Homeowners who meet the program age requirement and want to convert a portion of their equity into proceeds without selling the home.
Benefits
Key facts
- Minimum borrower age
- Placeholder — pending compliance
- Occupancy
- Primary residence only
- Borrower obligations
- Taxes, insurance, maintenance
- Counseling
- HUD-approved counseling required for HECM
Calculator
Reverse Mortgage calculator embeds here in Phase 2.
Frequently asked questions
What is a reverse mortgage?+
A reverse mortgage is a loan for eligible older homeowners that converts a portion of home equity into proceeds, with the loan balance becoming due when the home is sold, the borrower no longer lives in it as a primary residence, or other loan terms are not met.
Do I still own my home?+
Yes. The borrower retains title to the home. The borrower remains responsible for property taxes, homeowners insurance, and maintenance per the loan terms.