How Does Reverse Mortgage Work? A Reverse Mortgage is simply a loan program that allows you to trade some of your home equity for cash- similar to a home equity loan or line of credit. An FHA Reverse Mortgage may be right for you! Benefits of an FHA Reverse Mortgage: Get cash in a lump sum No mortgage payments Still live in your house Does not affect your social security Common Misconceptions: You give up ownership of your home You lose your entitlements You can take 100% of your home’s value The money is taxable Qualifying is Easy: You need to be at least 62 You need a lot of equity in your home You must live in the home
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