Myth: The bank owns my home.
Fact: This is unequivocally false. With a reverse mortgage, you retain the title and full ownership of your home. The mortgage is simply a loan against your equity, just like any other mortgage.
Live More Comfortably in the Home You Love
A reverse mortgage can help you unlock your home's equity to create a more secure and flexible retirement. Gain financial freedom without selling the home where you've built your memories.
Download a Free, No-Obligation Info KitHow a Reverse Mortgage Works: The Basics
Step 1: Be 62 or Older & Own Your Home
Applicants must be at least 62 years old and have significant equity in their primary residence. You maintain ownership of your home.
Step 2: Convert Home Equity to Cash
A portion of your accumulated home equity is converted into tax-free cash, which you can receive in various ways.
Step 3: No Monthly Mortgage Payments
While you still pay property taxes and homeowners insurance, you are not required to make monthly mortgage payments.
Step 4: Repay When You Leave
The loan becomes due and payable when you permanently move out of the home, sell it, or pass away.
Dispelling Common Myths About Reverse Mortgages
Myth: I can be forced to sell.
Fact: As long as you meet the terms of your loan – primarily paying property taxes, homeowners insurance, and maintaining the home – you cannot be forced to leave your home. You maintain occupancy for life.
Myth: I'll leave my kids with debt.
Fact: A reverse mortgage is a "non-recourse" loan. This means your heirs will never owe more than the home is worth when it's sold to repay the loan. If the loan balance exceeds the home's value, the FHA insurance covers the difference.
Myth: It's only for desperate financial situations.
Fact: Many financially savvy seniors use reverse mortgages as a strategic financial planning tool to enhance their retirement, create a standby fund, or delay claiming Social Security benefits.
Practical Ways Seniors Use Reverse Mortgages
Supplement Monthly Income
Receive regular tax-free payments to cover daily expenses or enhance your lifestyle.
Pay for Healthcare or In-Home Care
Address rising medical costs or fund necessary in-home support for aging-in-place.
Fund Home Modifications
Make essential accessibility improvements to your home, allowing you to age comfortably.
Create a Standby Line of Credit
Establish a flexible line of credit for unexpected emergencies or future opportunities.
Your Safety is Our Priority
FHA-Insured Protection
Most reverse mortgages are Home Equity Conversion Mortgages (HECMs). These are federally insured by the FHA, providing a layer of protection for both borrowers and lenders.
Mandatory Counseling
To ensure you make an informed decision, federal regulations require you to meet with an independent, third-party HECM counselor before applying. We support this vital step.
Education-First Approach
Our Unik Filen advisors are dedicated to informing and empowering you, not just selling. We will help you understand all pros and cons and frankly advise if a reverse mortgage isn't suitable for your unique circumstances.
Is a Reverse Mortgage Right for You?
It's a significant financial decision, and understanding all your options is key. Let's explore together if a reverse mortgage aligns with your retirement goals. Schedule a free, no-pressure phone call with a Unik Filen reverse mortgage specialist. We strongly encourage involving family members in this important conversation.
Schedule Your Free Consultation