Reverse Mortgages

A reverse mortgage loan, similar to a conventional mortgage, enables homeowners to borrow funds with their property serving as collateral. The Home Equity Conversion Mortgage (HECM), which is the most popular kind of reverse mortgage, is exclusively available to homeowners who are 62 years of age or older. As with a traditional mortgage, when you take out a reverse mortgage loan, the ownership of your home remains with you. However, unlike a traditional mortgage, you are not required to make monthly payments with a reverse mortgage loan. The loan becomes due when the borrower no longer occupies the residence. Interest and charges are added to the loan balance each month, causing it to grow. Homeowners are responsible for paying property taxes and home insurance, using the property as their primary residence, and keeping their house in good condition with a reverse mortgage loan.1



Equity Zone Mortgage is not representing or acting on behalf of HUD/FHA or the federal government. To prevent the risk of default, borrowers must continue to make property tax, insurance, and other maintenance payments.