EquityAccess
Reverse Mortgage Options for Homeowners 55+
Jumbo EquityAccess, EquityAccess Second, and FHA HECM options that may let eligible homeowners access home equity with no required monthly principal and interest payment.*
What could EquityAccess mean for your retirement plan?
- How much of your equity may be available
- Which program fits your home and age
- What happens to your current mortgage
- How funds can be paid out
- What responsibilities stay with you
Explore EquityAccess Topics and Related Home Equity Options
Jump to a topic on this page, compare related WestPac Lending loan options, or request your free estimate.
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Jumbo EquityAccess, EquityAccess Second, and FHA HECM Reverse Mortgages
WestPac Lending offers three ways for eligible homeowners to turn part of their home equity into retirement funds. The right one depends on your age, home value, and current mortgage.
Jumbo EquityAccess
A proprietary jumbo reverse mortgage for higher-value homes that go beyond FHA limits, with no required monthly mortgage payments.*
EquityAccess Second
A second lien reverse mortgage that lets you keep your current first mortgage and its rate. Minimum loan amount of $50,000.
FHA HECM
The Home Equity Conversion Mortgage, insured by the Federal Housing Administration. It can provide a line of credit and can also be used to buy a new home.
Compare them with a free estimate
Your estimate shows which programs you may qualify for and how much equity each one may make available. Get my free estimate.
How a Reverse Mortgage Works with EquityAccess
Instead of making a monthly principal and interest payment, you access part of your equity now. The loan is generally repaid when the last borrower sells the home, moves out, or passes away.
Your home equity is reviewed
Home value, current mortgage balance, your age, and the property type determine which programs fit and what may be available.
Your current mortgage is paid off or kept
Jumbo EquityAccess and FHA HECM usually pay off your existing mortgage. EquityAccess Second leaves your first mortgage in place.
You choose how to receive funds
Depending on the program, funds may come as a lump sum, a line of credit, monthly payments, or a combination.
Who EquityAccess May Fit
EquityAccess is often a fit for homeowners who want to stay in their home, have built significant equity, and want more flexibility in retirement.
Homeowners 55 and older
EquityAccess programs start at age 55 in many states. FHA HECM starts at 62.
Higher-value homes
Jumbo EquityAccess is built for homes valued above FHA limits, where an FHA HECM may leave equity unused.
Homeowners with a low-rate first mortgage
EquityAccess Second lets you access equity without giving up the rate on your current mortgage.
Primary residence owners who can keep up the home
The home must be your primary residence, and a financial review confirms you can keep paying taxes, insurance, and upkeep.
EquityAccess and Reverse Mortgage Questions
Quick answers to the questions homeowners ask most. Your estimate covers the details for your home.
Do I still own my home?
Yes. You stay on title and keep living in your home. The loan is secured by the property, and you must keep up with property taxes, homeowners insurance, and maintenance.
When does the loan have to be repaid?
The loan generally becomes due when the last borrower sells the home, permanently moves out, passes away, or stops meeting the loan obligations.
Are there monthly payments?
There is no required monthly principal and interest payment.* With EquityAccess Second, you keep making payments on your existing first mortgage.
What is the difference between EquityAccess and an FHA HECM?
FHA HECM is insured by the Federal Housing Administration, starts at age 62, and has an FHA loan limit. Jumbo EquityAccess and EquityAccess Second are proprietary programs that may start at 55 and allow higher loan amounts.
Is counseling required?
HUD-approved counseling is required for FHA HECM loans. For an independent overview of reverse mortgages, see the Consumer Financial Protection Bureau.
What if a reverse mortgage isn't the right fit?
We can also review a HELOC, a cash-out refinance, or a traditional refinance with you.
Get Your Free EquityAccess Estimate
Your home has worked hard for you. WestPac Lending will walk you through the numbers for your home, compare EquityAccess with FHA HECM and other options, and explain your responsibilities before you decide.
See which programs you may qualify for
Find out how much equity may be available
No pressure, just answers
*Borrowers must occupy the home as their primary residence, stay current on property taxes, homeowners insurance, and any HOA dues, and maintain the home. EquityAccess Second borrowers must keep making payments on their first mortgage. Reverse mortgages accrue interest and fees that reduce home equity over time.
This material is not from HUD or FHA and has not been approved by HUD or any government agency. Jumbo EquityAccess and EquityAccess Second are proprietary products, are not FHA-insured, and are not available in all states; minimum age varies by state. Maximum loan amounts are program limits. Not a commitment to lend; subject to credit and property approval.
Get Your Free, No-Obligation Estimate
Tell us a little about your home and goals, and a WestPac Lending team member will follow up.
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