Convert the equity in your home into a loan with no monthly mortgage payment.
Seniors may qualify to receive a federally-insured loan (62 and older) or a proprietary loan (60 and older) using the equity in their home as collateral. Loans can be used for a wide variety of purposes, including medical bills, living expenses, buying a home, and paying off an existing mortgage.
*This material is for educational purposes only and has not been reviewed, approved or issued by HUD, FHA or any government agency. The organization is not affiliated with or acting on behalf of or at the direction of HUD/FHA or any other government agency. All information listed is subject to change without notice. Only a licensed mortgage loan officer can quote rates and terms. As with any mortgage, you must meet your loan obligations, keeping current with property taxes, insurance, maintenance and any home owners association (HOA) fees. Repayment is required once you sell the home or no longer live there as your primary residence.