Is a reverse mortgage actually right for you?
A reverse mortgage lets homeowners 62 and older convert home equity into cash without a monthly mortgage payment. It's a real tool for the right situation - and not automatically the right (or wrong) move everyone assumes.
- No monthly mortgage payment required
- You keep the title to your home
- Loan is repaid when you sell, move, or pass away
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How a reverse mortgage actually works
Instead of you paying the lender every month, a reverse mortgage pays you - either as a lump sum, monthly payments, or a line of credit - using your home's equity as collateral. You still own the home and are responsible for taxes, insurance, and upkeep. The loan comes due when you sell, move out permanently, or pass away.
No Monthly Payment
Interest accrues on the balance, but you're not required to make monthly mortgage payments as long as you live in the home.
Flexible Payout
Take it as a lump sum, steady monthly income, a line of credit, or some combination - whatever fits your retirement plan.
You Keep Ownership
You remain on title and can leave the home to your heirs, who have options to repay the loan or sell the property when the time comes.
A good fit, and situations where it's worth pausing
Equity-rich, cash-flow-light
Retirees with significant home equity but limited monthly income often use a reverse mortgage to free up cash without selling.
Planning to stay long-term
Reverse mortgages generally make more sense the longer you plan to stay in the home.
Planning to move soon, or want to maximize inheritance
If you expect to move within a few years, or want to leave the home free and clear to heirs, it's worth weighing the tradeoffs carefully first.
Want an honest read on whether it fits your plans?
Quick answers
How old do I need to be?+
Generally 62 or older, and the home must be your primary residence. See the full FAQ for eligibility details.
Will my heirs be stuck with the debt?+
No - a reverse mortgage is a non-recourse loan, meaning heirs are never responsible for more than the home's value at the time it's repaid.
Do I still own my home?+
Yes - you remain on title. The lender places a lien against the home, similar to a traditional mortgage.
Related guides
Let's talk through your options.
An honest conversation about whether this fits your retirement plan.