Reverse Mortgage

A reverse mortgage allows older homeowners, (62 years of age or more) to use the equity in their home to receive monthly distributions of tax-free cash without having to sell or give up their title to the home. A reverse mortgage loan allows senior homeowners to access their home equity and receive loan proceeds in a variety of different ways. To be eligible for a reverse mortgage loan, all owners listed on the home's title must be at least 62 years of age and occupy the home as their principal residence for the majority of the year. The property must be a single-family or a one-to-four unit, owner-occupied dwelling.

Those who apply for a reverse mortgage are required to attend a reverse mortgage loan counseling session. The counselor will explain the financial implications of a reverse mortgage loan and present alternatives to help ensure you make the right decision. Counseling agencies can work with you in person or over the phone but be aware that most counseling agencies charge a fee for this service. Ask a Ross Mortgage Loan Officer to provide you with a list of authorized counselors.


  • Limited financial assessment and review
  • No monthly mortgage payments
  • Funds may be used for any purpose
  • May be used to purchase a principal residence
  • Backed by the Federal Housing Administration (FHA)


  • Must have sufficient amount of home equity
  • Amount of loan may be limited
  • Not available for all property types