Reverse Mortgages

Over 62 and don’t want a mortgage payment?

As baby-boomers reach retirement age in ever-increasing numbers, reverse mortgages are growing in popularity. That’s because a reverse mortgage allows you to convert the equity you’ve built in your home into cash that can be used for medical bills, living expenses, vacations, or to supplement your retirement income, making reverse mortgages a proven financial planning tool to enhance your golden years. For more information about reverse mortgages, including complete eligibility requirements, contact us today.

A reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM) lets qualified borrowers convert a portion of your home’s equity into cash. With a reverse mortgage, you can eliminate your mortgage payment and receive a monthly check to supplement your income. Best of all, you can still stay in your home.

There are several ways you can access the money from your reverse mortgage, including:

  • Line of credit—Draw as needed up to the maximum eligible amount
  • Lump sum—Receive a lump sum of cash at closing (only available on fixed-rate loans).
  • Tenure—Receive monthly payments for the life of the loan.
  • Term—Receive monthly payments for a specific number of years.

For more information about reverse mortgages, including complete eligibility requirements, contact us today.