Reverse Mortgage Loans
Unlock Home Equity in Retirement
If you’re 62 or older and want to access your home’s equity without selling or making monthly payments, a reverse mortgage could offer the financial freedom you deserve.
At Salute Mortgage, our Home Equity Conversion Mortgage (HECM) programs are designed to help seniors age in place, supplement retirement income, and enjoy greater financial security—all while staying in the home they love.
Get Your QuoteWhat Is a Reverse Mortgage?
A reverse mortgage loan allows homeowners aged 62+ to convert part of their home equity into tax-free cash—without giving up ownership or making monthly mortgage payments.
Instead of you paying the lender, the lender pays you—via a lump sum, monthly installments, line of credit, or a combination of all three.
The loan is repaid only when the borrower sells the home, moves out permanently, or passes away.
Reverse Mortgage Benefits
✅ No monthly mortgage payments required*
✅ Stay in your home and maintain full ownership
✅ Choose from flexible payout options
✅ Funds can be used for anything—healthcare, travel, debt payoff, or daily expenses
✅ Government-insured HECM program for peace of mind
<sub>*You are still responsible for property taxes, homeowner’s insurance, and home maintenance.</sub>
How Can You Use a Reverse Mortgage?
- Supplement Social Security or pension
- Cover rising healthcare or in-home care costs
- Pay off an existing mortgage or credit cards
- Delay drawing from investment accounts
- Fund home renovations to support aging in place
Reverse Mortgage Eligibility Requirements
| Requirement | Guideline |
|---|---|
| Age | 62 years or older (at least one borrower) |
| Home type | Must be a primary residence (1–4 unit, FHA-approved condo, or manufactured home) |
| Equity | Significant equity required (typically 50% or more) |
| Counseling | Mandatory HUD-approved reverse mortgage counseling |
| Credit/income | No minimum score, but financial assessment required for tax/insurance obligations |
Payout Options with a Reverse Mortgage
- Lump sum – Receive all your funds upfront
- Monthly payments – Steady income for a fixed period or for life
- Line of credit – Draw as needed; unused balance grows over time
- Combination – Mix of scheduled payments and flexible access
Reverse Mortgage vs. Refinance
| Feature | Reverse Mortgage | Traditional Refinance |
|---|---|---|
| Monthly Payments | None required | Monthly principal + interest |
| Age Requirement | 62+ | None |
| Loan Purpose | Tap equity for income | Reduce rate or cash out |
| Repayment | When home is sold or borrower passes away | Monthly over loan term |
Common Myths About Reverse Mortgages
❌ “I’ll lose my home.”
✔️ You remain the homeowner and title holder.
❌ “My heirs will be stuck with debt.”
✔️ HECMs are non-recourse loans—heirs won’t owe more than the home’s value.
❌ “Only people in financial trouble use reverse mortgages.”
✔️ Many financially secure homeowners use them for strategic retirement planning.
Is a Reverse Mortgage Right for You?
Salute Mortgage’s licensed advisors will guide you through every step—with clarity, compassion, and expert care.
Get Your Quote