With our reverse mortgage program, we focus on helping individuals live in their homes comfortably and securely by using the equity in their homes to meet their current and future financial needs. The loan proceeds can be utilized in a variety of ways.
We understand that each individual’s needs are unique. That’s why we offer reverse mortgage options to suit your individual needs.
Deciding if a reverse mortgage is right for you is an important decision. We encourage you to take your time, understand your options, discuss them with those you trust. We will guide you to the solution that works best for you. For many, a reverse mortgage can be a solid financial tool that may improve quality of life.
If you are 62 years of age or older and have equity in your home, a reverse mortgage can turn that equity into cash, a line of credit, monthly payment, or a combination of the three.
* Unlike a traditional mortgage, there are no required monthly mortgage payments and the proceeds are tax-free. ** There are minimal loan qualifications. Best of all, you retain ownership of your home and you can payoff a reverse mortgage loan at anytime without penalties.
Frequently Asked Questions
What Is a Reverse Mortgage & How Does It Work?
A reverse mortgage is a loan that enables homeowners over the age of 62, to convert part of the equity in their homes to meet their current and future financial needs. It can create an additional cash flow without having to sell your home, give up title, or take on any new monthly mortgage payments.
One of the largest benefits of a reverse mortgage is that there are no restrictions on how the loan proceeds can be used. Some individuals use the funds to payoff their current mortgage, supplement their retirement income, use for estate planning, pay for medical expenses, make home improvements, and to travel.
Reverse Mortgages represent a powerful loan product that truly has the capability of providing financial security, dignity, and can enhance your independence within your own home.
How do I qualify for this program?
• All persons on title must be 62 years & older.
• Homeowners must occupy the property as their primary residence.
• 1-4 family homes or approved condominium units.
• Revocable Living Trusts and Life Estates may be eligible, subject to review and approval.
How much money can I receive?
The amount of money you receive depends upon several factors: your age, the value of your home, current interest rates and the specific reverse mortgage you choose. We can help you determine which plan best meets your needs. While each individual’s situation is different, as a rule of thumb the older you are and the higher your home’s appraisal value, the more money you can receive.
What Are My Payment Options?
There are several different payment options available. We can help you determine which one best suits your needs.
- Line of credit - access the equity in your home at your convenience
- Monthly payment - get a monthly payment for a set term or as long as you live in the home
- Lump sum - get cash at time of loan closing to address any current obligations
- Combination of the above - a customized plan to meet your unique needs
What Are The Costs?
Costs vary from one program to another. That’s why we offer
a variety of programs to meet a variety of needs. Most reverse mortgages however, have costs similar to traditional mortgages; such as, interest charges, origination fees, closing costs, inspections and insurance.
Do I Retain Ownership of My House?
Yes. A reverse mortgage is a lien just like a traditional mortgage. Repayment is required when that last surviving borrower sells the house, moves or passes away.
Will the Reverse Mortgage Change My Social Security or Medicare Eligibility?
No. These benefits will not be affected by the proceeds of a reverse mortgage. These rules do vary state to state, so check with the local Area Agency on Aging, and also confer with your tax advisor.
Will My Heirs Be Against Doing a Reverse Mortgage?
No, history demonstrates that most houses continue to appreciate over time. A high percentage of houses will have enough equity to pass down as inheritance. Since the home will remain in your name, you have the opportunity to bequeath the property to whomever you choose. Depending on how long the reverse mortgage is active, the amount of withdrawals you request, and the appreciation on your home; the equity in the home is subject to increase or decrease. If there is equity in the property, it will go to you or your beneficiaries, as you wish.
How Do I Get Started?
The easiest way to begin the process is to meet or speak with a Loan Officer who will find out if a reverse mortgage is right for your situation. They will explain the benefits, features and payment options and costs. Call us Today!