Quick Links

Reverse Mortgage

A reverse mortgage is a loan available to people over the age of 62 that allows the borrower to convert part of the equity in their home into cash.

Reverse mortgages began as a method to help people in or near retirement, often with limited income, use the money they have put into their home in order to pay off debts (including traditional mortgages), cover basic monthly living expenses or pay for health care. There are no restrictions on how the borrower must use the proceeds from a reverse mortgage.

The loan is known as a reverse mortgage since the usual mortgage payback stream is reversed. Instead of the homeowner making monthly payments to a lender (as is the case with a traditional mortgage), the lender makes payments to the borrower.

In a reverse mortgage, the borrower isn’t required to pay back the loan until the home is sold or otherwise vacated. As long as the borrower resides in the home, they aren’t required to make payments towards the loan balance, but they are required to stay current on taxes and insurance payments.

If you have any questions on a reverse mortgage loan, use our Quick Loan Analysis form. It’s fast, easy, and doesn’t require a lot of information. You can also reach us at 505-836-5700. We’re happy to meet face-to-face for a no-obligation consultation; please call for an appointment. More information is also available in our reverse mortgage blogs.

Below you will find information on the supporting documents you will need for the loan process.

Benefits of Reverse Mortgages

Credit line available to use as you need it
Lump sum payment available
Monthly income payments
No payments required on any loan program
No income verification
No credit reports
No asset verification
FHA government backed program
Government third party counseling required for your protection
New saver program available


Must be 62 years or older
Must be your primary residence
3rd party counseling required
Must reside in the property