Reverse Mortgages

If remaining in your home during retirement is important to you or you need to rid yourself of debt before retirement, consider a reverse mortgage.

A reverse mortgage, also called a Home Equity Conversion Mortgage (HECM), is a way to turn the equity locked in your home into tax-free cash (consult your financial advisor) without having to make any monthly mortgage payments. The funds you receive can be used for almost anything, including paying off your existing mortgage (required as a part of the loan), eliminating credit card debt, medical and other bills, or simply improving your lifestyle.

A reverse mortgage is a government-insured loan that enables you to gain financial independence from your ever increasing living expenses. The most important thing to remember is that the bank NEVER owns your home. You continue to own your property and can live there as long as you wish. All you need to do is maintain the property and continue paying your home owner’s insurance and property taxes.

How do I qualify?

It’s simple and easy – qualification is based on these important factors:

  • You must be 62 years old or older, and

  • You must live in and own your home. (It must be your principal residence.)

If the above qualifications apply to you, we then calculate the amount of money you are eligible to receive based on your age, the appraised value of your home and current interest rates.

What can a Reverse Mortgage be used for?

The proceeds from a reverse mortgage can be used for almost anything:

  • Increase monthly cash flow

  • Pay off an existing mortgage (required as part of the loan)

  • Pay credit card bills

  • Pay medical bills

  • Fund home repairs and improvements

  • Pay property taxes and home insurance

  • Travel

  • Gifts

What You Need to Know:

Visit your local branch to meet with a mortgage loan officer or send our mortgage team a message and they'll reach out to you directly.

One of our mortgage loan officers can help you determine if a reverse mortgage is right for you!  Reach out today.
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