Instead of making monthly payments, you can choose to receive them. That's the "reverse" part of a reverse mortgage. Instead of turning your income into equity, you turn your equity into readily accessible funds.

   

 When you take out a reverse mortgage, the loan is based on the equity you already have in your home. You do not need to repay the loan as long as you or one of the borrowers continues to live in the house, keep the taxes and insurance current, and maintain the property to FHA standards. If you sell the home for more than the loan balance at that time, you or your heirs will keep the difference.

How much can I borrow?
The maximum loan amount for a reverse mortgage is based primarily on several factors: the age of the youngest borrower, the value and location of the home, and the current interest rate. To estimate the amount you could receive from a reverse mortgage, use our  Reverse Mortgage Calculator.

Choosing a Loan Type
You can select a variable-rate option that adjusts on an annual or monthly basis.

Six-month lock. Your loan pricing can be locked for up to 180 days, giving you protection against financial market fluctuations. A nominal fee applies for locks longer than six months.

Financing Options. Choose from a variety of loan products, including 3/1, 5/1, 7/1 and 10/1 adjustable-rate mortgages.

Flexibility. Within 60 days of closing, eligible borrowers have the option to switch to any eligible product at the current market interest rate.

Recommended for people who:

Want to protect themselves against rising interest rates while their homes are under construction. Our Builder Best program protects homebuyers against rising interest rates while their new homes are under construction by enabling them to lock their pricing for up to 180 days. If the market improves during construction, homebuyers may seek a one-time float-down option at no additional cost to get a different interest rate. They may also request a one-time switch to any eligible Wells Fargo Home Mortgage product and get the current rate (at no additional cost).