A Reverse Mortgage is a unique loan. It is designed for borrowers 62 years of age and older. It allows borrowers to access home equity in the form of a monthly income, a line of credit, or immediate cash. All are tax-free, available to use for any reason, and do not require the borrower to make a mortgage payment on the loan as long as they live in their home and meet some required criteria.
If you are interested in more information, let us know. Our loan officers can talk about your options and see if a reverse mortgage is appropriate for you.
*Reverse mortgages are loans offered to homeowners who are 62 or older who have equity in their homes. The loan programs allow borrowers to defer payment on the loans until they pass away, sell the home, or move out. Homeowners, however, remain responsible for the payment of taxes, insurance, maintenance, and other items. Nonpayment of these items can lead to a default under the loan terms and ultimate loss of the home. FHA insured reverse mortgages have an up front and ongoing cost; ask your loan officer for details. These materials are not from, nor approved by HUD, FHA, or any governing agency.