Reverse Mortgage Loan

A Reverse Mortgage Loan is available for homeowners aged 62+. A reverse mortgage allows these homeowners to access the equity in their home. Instead of paying a monthly mortgage payment, borrowers of a reverse mortgage receive payments (available monthly or in a lump sum) out of their home’s equity. The loan is not paid back until the last homeowner leaves the home.

Please note, the term “Reverse Mortgage” is often applied by lenders for a number of loan types. At Ruoff Mortgage, we offer a Home Equity Conversion Mortgage (or HECM), which is the only type of reverse mortgage insured by the United States’ Federal Housing Authority. An HECM is available through Ruoff Mortgage for both refinance and purchase.

Why a Reverse Mortgage Loan?


You Own Your Home

One misconception about reverse mortgage loans is that you give up the ownership of your home. This is not the case. You retain the title to your home, and you can keep living there.


No More Mortgage Payment

A reverse mortgage completely removes your mortgage payment every month. While you are still responsible for property taxes and homeowner’s insurance, and maintenance, the bulk of your monthly payment will be gone.


Payments are Not Taxed

Typically, the payments you receive from your home’s equity are not considered taxable income which makes it a solid choice for homeowners in their retirement.


Use Your Money How You See Fit

The equity you receive from your home can be used for anything you want. Pay down medical expenses, make accessibility improvements to your home, or create a college fund for your grandchildren.

Mother twirling daughter in their kitchen

Steps to a Reverse Mortgage Loan:


Get Pre-Approved.

Ruoff's mobile app, Loan Butler, can help you receive your pre-approval letter quickly. Plus, you can upload all required documents straight into the app to save you time and energy.


Speak with a Loan Officer.

Lock in your mortgage rate early and stay in the loop. Your Ruoff Mortgage Loan Officer will keep you and your agent updated every step of the way with our Milestone Updates.


Clear to close.

Thanks to Ruoff's Digital Closing Experience, you'll only spend 10 minutes with your loan officer and agent finalizing the purchase at closing.

I'm Interested in a Reverse Mortgage Loan!

Get Started


Do I still own my home?

Yes. You will retain the title and ownership during the life of the loan, and you can sell your home at any time (at which time the loan becomes due and payable).

Does my home need to be clear of any existing mortgages?

No. Actually, many borrowers use the reverse mortgage proceeds to pay off an existing mortgage and eliminate monthly mortgage payments.

Do I have to repay the loan?

Yes, eventually. However, repayment is not due during the life of the loan provided you meet the loan obligations such as living in the home as your primary residence, maintaining the home according to FHA requirements, and continuing to pay required property taxes and insurance. Repayment is limited to the lesser of the value of your home or the loan balance, provided the home is sold.

Ready to get started with a Reverse Mortgage loan?