More Information on Reverse Mortgages
Reverse Mortgages were designed to allow senior homeowners the ability to remain in their homes with a decreased financial burden. Reverse Mortgages allow you to tap into your equity, without monthly payments as long as you own and occupy your home.
How Regular Mortgages and Reverse Mortgages differ
Regular mortgages require monthly payments that decrease your loan balance. With a Reverse Mortgage you make no monthly payments and your loan balance may grow over time. Our programs offer you choices of monthly income, a line of credit or a lump sum, or you can choose any combination of these. The income from these proceeds is even tax free!
- You can never owe more than the value of your home.
- Interest accrues only on the amount that you borrow.
- You maintain ownership of your home and all the rights and responsibilities that accompany it.
- The HECM program is federally insured.
- The amount of money available from a reverse mortgage is based on the age of the borrowers and property value.
- The greatest proceeds are avaiable to the oldest borrowers with the highest property value.
- Use your reverse mortgage for whatever you wish; paying off debts, supplementing income, remodeling your home, travel, it's up to you.
How do I qualify?
- Minimum age requirement of 62.
- You must own and occupy your home as your primary residence.
- Your house must be at least one year old.
- Most condominiums and manufactured homes built after July 1976 qualify. Contact a loan officer for more information.
- 2 to 4 unit dwellings may also be acceptable as long as you occupy one of the units.
- You DO NOT need to own your home free and clear. We can pay off mortgage debts with your Reverse Mortgage.
