Reverse Mortgage

Turn the equity in your home into cash during your golden years - making retirement more comfortable.

Reverse Mortgage

What Is A Reverse Mortgage?

A reverse mortgage converts your home equity into usable cash, similar to a home equity line of credit (HELOC). The unique benefit of a reverse is that you don't need to pay back the loan month after month. Instead, you pay it all back at the end.

This financial tool allows you to stay in your home while enjoying the flexibility to use the money for daily expenses, medical costs, or take that long-awaited vacation.

You don't make monthly mortgage payments.
You still pay your property taxes, insurance, and other property charges, as well as maintain the home.
You live in the house as your primary residence for as long as you like/are able to.
Meanwhile, the balance of the loan is accruing with interest. The balance of the loan accrues interest, which can be slowed by making optional payments.

Self-Assessment

Is a Reverse Right For Me?

A reverse mortgage is a great solution for many, though not all. In the right situation, tapping home equity can be an incredible resource for finding new meaning and maximizing the possibilities of life.

Ask yourself

What are my retirement goals? How close am I to accomplishing them?
Is my home meeting my needs?
How long can I live in my home?
Would an unexpected expense take me off track?
Am I still working just for the money? Is that how I want to fill my time?
Where will I be in 5 years? Where do I want to be?
What excites me about life? Am I doing enough of it?
What dreams are left for me to chase? What's holding me back?

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Ways To Use Your Equity

With the freedom and flexibility that comes from increased cash flow and additional funds, a reverse mortgage gives you endless options to live more comfortably and pursue the future that's right for you.

The possibilities are endless, but there are some ideas to get you inspired:

Maintain a line of credit for health emergencies and surprises
Fill financial gaps in your retirement plan while avoiding selling assets or investments that are still growing
Retire early and pay for health insurance until Medicare kicks in
Pay for your children's/grandchildren's education
Eliminate credit card or medical debt
Start a business or a passion project

Locations & ATMs

Find an AACU branch or ATM or locate thousands of surcharge-free ATMs or shared branch locations in the U.S. and Canada.

Talk to a Mortgage Expert

Schedule an appointment with a Mortgage Loan Officer and they'll help you find the best options to get you in your new home!

Mortgage Rates

Check out current rates for First-Time Homebuyer, 30-Year Fixed, HELOC and more!

Explore Home Loan Options

Knowing what is available to you is a great first step. Check out our home loan options - and let's get you on your way to being home!

Disclosures

Reverse mortgage loan programs are not controlled by AACU. Reverse mortgage loan programs are provided by Finance of America Reverse LLC. Prices, guidelines and minimum requirements are subject to change without notice. Some products may not be available in all states. Subject to review of credit and/or collateral; not all applicants will qualify for financing. It is important to make an informed decision when selecting and using a loan product; make sure to compare loan types when making a financing decision.

When the loan is due and payable, some or all of the equity in the property that is the subject of the reverse mortgage no longer belongs to borrowers, who may need to sell the home or otherwise repay the loan with interest from other proceeds. The lender may charge an origination fee, mortgage insurance premium, closing costs, and servicing fees (added to the balance of the loan). The balance of the loan grows over time and the lender charges interest on the balance. Borrowers are responsible for paying property taxes, homeowner's insurance, maintenance, and related taxes (which may be substantial). We do not establish an escrow account for disbursements of these payments. A set-aside account can be set up to pay taxes and insurance and may be required in some cases. Borrowers must occupy the home as their primary residence and pay for ongoing maintenance; otherwise, the loan becomes due and payable. The non-borrowing surviving spouse dies, sells the home, permanently moves out, defaults on taxes, insurance payments, or maintenance, or does not otherwise comply with the loan terms. Interest is not tax-deductible until the loan is partially or fully repaid.

The borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, and hazard insurance. The borrower must maintain the home. If the borrower does not meet these loan obligations, then the loan will need to be repaid. Otherwise, the loan must be repaid when the last borrower passes away or sells the home.

Restrictions and requirements apply. Ask a mortgage loan officer for details. Membership requirements apply, hundreds of ways to join. Subject to approval.