Quick answer
- Who it may fit
- Eligible older owners considering funds from primary-home equity.
- Equity & closing costs
- Available funds depend on age, home value and existing liens; costs reduce usable proceeds.
- Insurance & fees
- Interest, mortgage insurance where applicable, origination and servicing charges can accrue into the balance.
- Key eligibility
- Age, primary residence, equity, financial assessment and independent counseling are required by the program.
- Main tradeoff
- No required monthly principal-and-interest payment under program conditions, but debt grows and taxes, insurance and upkeep remain due. The linked HELOC tool compares an alternative; it does not estimate reverse-mortgage proceeds or payments.
Down payment is not total cash to close. Educational guidance pending licensed review.
The secure application opens outside lndwell.com. This page is not an application or pre-approval.
A reverse mortgage lets eligible older homeowners convert part of their equity into funds while remaining in the home, without a required monthly principal-and-interest payment. The balance grows over time and becomes due when the last borrower leaves the home permanently. It is a significant decision with long-term consequences, and independent counseling is part of the process.
- Older homeowners with substantial equity in a primary residence
- Owners looking to supplement retirement income while staying in the home
- Households weighing this against downsizing or a traditional home-equity option
- No required monthly principal-and-interest payment while program conditions are met
- Funds may be available as a lump sum, a line of credit or scheduled advances, depending on the program
- The borrower retains title to the home
- The loan balance increases over time as interest and fees accrue
- Property taxes, homeowners insurance, any HOA dues and property maintenance remain your responsibility, and falling behind can trigger default
- Equity available to heirs is reduced, and the loan becomes due when the last borrower permanently leaves the home
- Upfront and ongoing costs can be higher than other equity options
- Minimum age and other eligibility requirements apply
These are the factors an underwriter typically reviews. They are not a checklist of requirements, and meeting them does not guarantee eligibility or approval.
- Minimum borrower age as defined by the program
- The home must be your primary residence and an eligible property type
- Sufficient equity, and a financial assessment of your ability to cover taxes, insurance and upkeep
- Completion of independent counseling
All loans are subject to credit, income, property and underwriting approval. Nothing on this page is a loan offer, an approval, a rate lock or a commitment to lend. Programs, rates and terms are subject to change without notice.