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 right for you.