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turn equity into cash

Reverse Mortgage

A reverse mortgage can be a key component of a well-balanced retirement plan, providing those over the age of 62 with extra cash to live a more fulfilling and secure life.

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Why a Reverse Mortgage?

A reverse mortgage allows you to take the equity you’ve built up in your home and convert it into tax-free cash[1] for your retirement.

Reduce monthly expenses

Eliminate existing monthly mortgage payments.

Cash for projects

Use funds for home improvements and repairs or receive monthly disbursements.

Pay off debt

Eliminate outstanding debts.

Reduce medical expenses

Cover prescription costs and other medical expenses.

Government-insured

Our reverse mortgages are backed by the Federal Housing Administration (FHA).

Reverse Mortgage Process

Here is an overview of the process of obtaining a reverse mortgage, also known as a home equity conversion mortgage.

Step 1: Apply

Begin the process by submitting an application after speaking to a WSFS mortgage specialist.

Step 2: Attend counseling

Attend a counseling session approved by the Department of Housing and Urban Development (HUD).

Step 3: Gather documentation

After counseling, you will need to gather your financial documentation for review.

Step 4: Appraisal and underwriting

Your home will be assessed for its updated value and the underwriting process will begin.

Step 5: Closing and disbursement of funds

Once approved, a closing date will be scheduled and you will choose how to disburse the funds.

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Eligibility Requirements

The eligibility requirements for a home equity conversion mortgage (HECM) reverse mortgage are quite simple and do not impose any minimum or maximum limits on income:

  • To qualify for a reverse mortgage, you must be 62 years of age or older and own your home (those with existing mortgages may also qualify.) Your home must be your primary residence and meet the minimum property standards established by the U.S. Department of Housing and Urban Development (HUD). The property must be a single-family or a one-to-four unit, owner-occupied dwelling. Townhomes, detached homes, condominium units, planned unit development (PUDs), and some manufactured homes or new construction properties are eligible.
  • All HECM reverse mortgage borrowers must have reverse mortgage counseling from a HUD-approved counseling agency. This session may be conducted with a power of attorney or court-appointed conservator/guardian if the borrower lacks legal competency. The counseling session will focus on the types of reverse mortgages available, their suitability, their associated costs and other available services.

FAQs

A reverse mortgage allows you to take the equity you’ve built up in your home over the years and convert it into tax-free cash.[1] A home equity conversion mortgage is a reverse mortgage insured by the Federal Housing Administration (FHA).

No. A reverse mortgage does not require you to make monthly repayments, so there are no income requirements such as with a traditional mortgage or home equity loan.

The amount you can borrow is based primarily on several factors: The age of the youngest borrower on title, the type of loan you select, the current interest rates, the location and value of your home and the current Federal Housing Administration (FHA) lending limits.

How much of your home’s equity will be left after repaying the loan depends on many factors: the size and frequency of your loan advances, increases or decreases in your home’s value, future interest rates, and others. You or your estate must repay the lender for the cash received, plus interest and fees. You or your estate can choose to repay the loan with other assets, by refinancing or by selling the property. If the house is sold, any proceeds in excess of the loan balance belong to you or your heirs.

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Other Products That May be Right for You

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Refinance Your Home

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Home Equity Line of Credit

Put the equity in your home to work with access to cash to pay for home improvement projects, unexpected emergencies and more.

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Questions?

We’re here to help. Complete the form below to be contacted by a member of the WSFS Mortgage team.

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Disclosures

1 The interest on the portion of the credit extension that is greater than the fair market value of the dwelling is not tax deductible for Federal income tax purposes. Consult a tax advisor for further information regarding the deductibility of interest and charges.

Ask your WSFS Mortgage Loan Officer for more details. This is not a commitment to lend. Borrowers must meet underwriting guidelines and are subject to credit review and approval.