Stay in the home you love, and let its equity work for you.

You do. The loan is repaid when you sell, move out for good or pass away, usually from the sale of the home.

With a federally insured reverse mortgage, neither you nor your heirs owe more than the home sells for.

Selling frees your equity but means moving. A reverse mortgage lets you stay, with a balance that grows over time. Your counselor and your loan officer can walk through both, and family is welcome.

No monthly mortgage payment is required. You do keep paying property taxes, homeowners insurance and upkeep, and you can pay toward the loan if you choose.

A spouse who is a co-borrower can stay in the home. Some eligible spouses who aren’t co-borrowers can stay too, under HUD’s rules, and your loan officer can explain how they apply to you.

When the loan is repaid, usually from the sale of the home, any remaining equity goes to you or your heirs. Heirs can also keep the home by paying off the loan.

As a lump sum, monthly amounts, a line of credit, or a mix of these. Some choices depend on the kind of rate you pick.

Answering a few questions doesn’t check your credit. A reverse mortgage does look at your finances later, only with your permission, and your loan officer explains what that review covers.

Your loan officer explains why, and your counselor can walk you through other ways to use your home’s value.

Closing costs, an upfront and an annual mortgage insurance premium on federally insured loans, and interest that adds to the balance over time. Your counselor and your loan officer go through each one.