Loan Services

The Reverse Mortgage Center

About reverse mortgages

Tap Into Your Home Equity with a Reverse Mortgage

A reverse mortgage is a type of mortgage refinancing that is available to borrowers who are over age 62 and have sufficient equity in their homes. In a reverse mortgage, the borrower does not make the traditional monthly mortgage payment. Instead, they receive funds against the equity they have in their homes.

The refinancing specialists at Cornerstone Mortgage will help you choose the ideal program for your financial needs and goals, whether that is a reverse mortgage or a different type of mortgage refinancing.

There are different types of reverse mortgages, but they all work in a similar way by allowing the borrower to access funds based on the equity they have in their home. Other similarities:

•   Borrowers must pay certain fees over the length of the loan term.

•   Once the borrower sells the home or passes away, the loan balance will be due to the lender.

•   The funds received can be used any way the homeowner desires, unless it is a single-purpose reverse mortgage.

Reverse Mortgage Options Tailored to Your Needs

Cornerstone Mortgage works with reverse mortgages at all stages of their journey. Our mortgage solutions are tailored to your specific needs and financial situation. We work with:


A single-purpose reverse mortgage is offered by state, local, and nonprofit agencies. It is the least expensive option for a reverse mortgage loan because it is backed by the government or nonprofit.

It is also the least common type of reverse mortgage and is the only one to restrict how the funds can be used. Borrowers can only use the funds for a single, lender-approved purpose, typically home repairs or property taxes.


Home equity conversion mortgages (HECMs) are federally-insured and backed by HUD. It is the most common type of reverse mortgage and allows the funds received to be used for any reason.

However, it is usually more expensive than a traditional home loan, has high up-front costs, requires monthly mortgage insurance, and requires pre-loan counseling to ensure the borrower is fully aware of the terms and conditions of the loan. The borrower’s age, home value, and current interest rates determine how much can be borrowed.

Proprietary reverse mortgages

These reverse mortgages are backed by private lenders. They are best for borrowers who want to be able to take more money out of their homes and/or for those who have high-value homes.

These loans are not federally-insured so there is no monthly mortgage premium to pay, which may allow you to borrow more.

Why Cornerstone?

Get The Help and Guidance You Need
at Cornerstone Mortgage

We consider your situation. The best reverse mortgage option for you depends on interest rates, fees, your home’s value, and your age. That is where Cornerstone Mortgage comes in.

Our refinancing specialists will evaluate every option available to you, comparing and contrasting the pros and cons against your specific needs and situation. Then, we’ll advise you on the best course of action to meet your long-term goals and financial needs.

ready to get started?

To learn more about reverse mortgages and if they are right for you, contact our team.

Connect with a Loan Officer
Tap into the equity you’ve built and stay in your home longer.
Reverse mortgage steps

What To Expect

The reverse mortgage specialists at Cornerstone Mortgage are here to help you as you explore this unique refinancing opportunity.

Our process is designed to educate and inform borrowers so they understand exactly what is required of them in a reverse mortgage.
Meet with a Loan Officer.
Select and schedule a meeting with a Cornerstone Mortgage Loan Officer.
Discuss Reverse Mortgage Refinancing Options.
Your Cornerstone Loan Officer will walk you through the basics of a reverse mortgage and present you with options that best meet your needs and goals.
Undergo Counseling.
Some reverse mortgages require counseling so you understand your full rights and responsibilities under the terms of the loan agreement.
Choose your Reverse Mortgage and Sign the Paperwork.
We’ll help you select the right plan for you and provide you with all of the paperwork necessary to complete the process.
Access Your Funds.
Once the paperwork has been finalized, you’ll decide how to receive your funds: monthly or as a line-of-credit.

Reverse Mortgage Benefits

Access Equity You’ve Built.

The funding you receive comes from the equity you’ve already built up in your home.

Supplement Your Income.

Use the reverse mortgage to supplement your retirement income, tax-free.

Age in Place.

You don’t need to move once your income level drops. You can use your home equity to stay in your home longer.

Receive Money Now. Pay it Back Later.

Reverse mortgages do not need to be repaid until you sell the property or pass away.

Monthly Payments or Line-of-Credit Options Available.

You choose how and when to receive your funds: every month or as you need them.

Never Owe More Than The Home’s Value.

By law, reverse mortgage debt can never exceed the fair market value of the home.

Have Additional Questions?

For additional questions about home buying, feel free to check out our frequently asked questions page.

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Ready to get started?

Whether you have more questions, or are ready to take the first step, contact us to start your home buying journey. We are here to support you, every step of the way.

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