Reverse Mortgages / Equity Solutions for Older Homeowners

A reverse mortgage is a loan secured against the home, generally available to qualifying homeowners aged 55 or older. It may provide access to equity without regular mortgage payments, but interest is added to the balance and costs apply. Eligibility, repayment triggers and ongoing homeowner obligations depend on the provider and contract.

No. A reverse mortgage is designed to let eligible homeowners remain in the property while accessing equity, subject to the contract's occupancy, tax, insurance and property-maintenance requirements.

Repayment is generally triggered by events set out in the contract, such as sale of the home, the borrower moving out permanently, or death of the last borrower. Interest accrues, so the balance usually increases over time.

No. Depending on income, equity and goals, alternatives can include a refinance, HELOC or downsizing. Compare the cost, ongoing payments, flexibility and effect on the equity you retain. Independent legal and financial advice can help you assess the wider retirement and estate implications.