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A reverse mortgage is a way to turn a portion of the equity in your primary residence into cash which is usually tax free* without having to make monthly mortgage payments. Instead of monthly payments, the loan is taken against your home’s equity and repaid in one lump sum when the last borrower permanently leaves the home.

As part of the loan, the borrower is required to continue paying property taxes, insurance and maintenance (and HOA fees, if applicable). These loans can potentially help seniors with decreasing their living expenses.

*This advertisement is not tax advice. You should consult a tax advisor for your specific situation.

Reverse Mortgage Eligibility

  • One borrower must be 62 years or better
  • Own your home and have equity
  • Home is required to be your primary residence (live in your home 6+ months per year)
  • Property must be a single-family home, 2- to 4-unit dwelling or FHA-approved condo
  • For a home purchase, you must have an adequate down payment for your new home based on your age
  • No credit score requirements, although limited credit and property qualifications apply.

Homeownership Benefits

  • Receive money from your home equity which is usually tax free.*
  • Eliminate your monthly mortgage payment, although payment of taxes, insurance and maintenance is always required
  • Never owe more than what the home is worth.**
  • Bridge the Medicare gap from age 62 to 65.
  • Delay Social Security payments to increase monthly cash flow.
  • Pay for long-term care expenses.

*This advertisement is not tax advice. You should consult a tax advisor for your specific situation.

** There are some circumstances that will cause the loan to mature and the balance to become due and payable. The borrower is still responsible for paying property taxes, insurance, and maintenance. Credit is subject to age, property and some limited debt qualifications. Program rates, fees, terms, and conditions are not available in all states and subject to change.


To learn more about reverse mortgages and see if this is the best option for you, please see the frequently asked questions below.

  1. Proprietary Reverse Mortgages
  2. Home Equity Conversion Mortgages (HECMs)
  3. Home Equity Conversion Mortgage for Purchase (H4P)

A Proprietary Reverse mortgage are private loans backed by the companies that develop them.

HECMs are federally-insured reverse mortgages backed by the U. S. Department of Housing and Urban Development (HUD). HECM loans enable you to withdraw a portion of your home’s equity and can be used for any purpose.

An H4P (a type of HECM backed by the FHA) enables senior homebuyers to purchase a new primary residence that better suits their needs and obtain a reverse mortgage in one transaction. You can use an H4P if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing.

At Fairway Independent Mortgage Corporation, our loan professionals can answer any questions you might have about reverse mortgages. Contact us today to get started!


Request an appointment with our loan experts to get started withFairway Independent Mortgage Corporation today.

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