What is a Reverse Mortgage?
A reverse mortgage is a loan for homeowners age 62 and older that lets you turn some of your home’s equity into cash.
Instead of making monthly loan payments, you receive money from the lender, and the loan is usually paid back when you sell the home, move out, or pass away.
Features of a Reverse Mortgage
The money can be paid out as a lump sum, monthly payments, a line of credit, or a combination of these options. Homeowners must still live in the home, keep up with property taxes and homeowners insurance, and maintain the property.
A reverse mortgage can be helpful for some homeowners, but it also reduces home equity over time because interest and fees are added to the loan balance.
Find Out If You Qualify:
Maria Donizetti, NMLS#359780
Loan Originator
VanDyk Mortgage Tampa
5020 W Linebaugh Ave
Tampa, FL 33624
Office: (727) 560-1619
mdonizetti@vandykmortgage.com
Reverse for Purchase or Refinance
A reverse mortgage can be used to buy a home or refinance an existing mortgage.
- Purchase: This option may be used to assist in the purchase of a new home, with the borrower providing a down payment and the loan funding a portion of the purchase price.
- Refinance: Swap your current mortgage, often to improve the loan or access more equity.
- In both cases, you usually do not make monthly mortgage payments, but you still need to pay property taxes, homeowners insurance, and keep the home maintained.
Benefits to Borrowers:
- No Monthly Mortgage Payments – Eases financial stress during retirement.
- Protect Your Savings – Using the equity in your home, reverse mortgage distributions may help cover living expenses instead of drawing from your retirement savings.
- Choose the Right Fit – Eligible properties include single-family homes, townhomes, manufactured homes, and FHA-approved condos.
- Peace of Mind for the Future – It’s a non-recourse loan, so neither you nor your heirs will owe more than the home’s value when repaid.
Minimum Requirements:
- You must be at least 62 years old.
- The home must be your primary residence.
- You must have enough equity in the home, usually meaning most of the mortgage is already paid off.
- The home must meet basic property standards and be in livable condition.
- You must be able to keep up with property taxes, homeowners insurance, and maintenance.
- You usually must complete HUD-approved counseling before getting the loan.
Disclosure Statement - VanDyk Mortgage is not affiliated with any governmental agency. The material shown on this site is for informational purposes only and is not an offer
to lend or extend credit. All applications are subject to underwriting approval and guidelines. Not all applicants will qualify for loan products described. All loan programs, terms,
pledges, guarantees and conditions are subject to the rules and regulations and to change without notice. The products and services shown are not available in all geographic
areas. The information and graphics shown are provided "as is" and VanDyk does not warrant the accuracy or completeness and disclaims any liability for errors, omissions or
performance of the stated terms.
Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act
© 2026 VanDyk Mortgage Corporation. All Rights Reserved.
Corp. NMLS# 3035 | nmlsconsumeraccess.org
