Reverse mortgages are special home loans designed with seniors in mind.
If you have considerable equity in your home, you may be able to convert that asset into income. Payments are made directly to you, and as long as you live in the home, the loan never has to be repaid.
The disbursement options on a reverse mortgage loan are flexible. You can access your money by:
Taking a lump sum
Establishing a line of credit to use as needed
Arranging a combination of the above options
If your needs change over time, your payout schedule can change, too.
If you permanently leave the home, the balance on your reverse mortgage becomes due. Selling the home itself can pay for this - any remaining equity belongs to you or your heirs.
To learn about the personal information we will collect and how we will use it, please
All loans are subject to credit approval and acceptable collateral. Additional terms and conditions apply. Programs, rates, terms and conditions may change without notice. Not all programs are available in all states. Commerce Home Mortgage, LLC (“CHM”) is a state-licensed mortgage lender and broker, NMLS ID #1839. To verify licenses, visit www.nmlsconsumeraccess.org. AZ: Arizona Mortgage Banker License #0925326; CA: Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act; GA: Georgia Residential Mortgage Licensee #48010. For other states, click here.