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Reverse Mortgages

Homeowners 62 years old and older can now turn the equity in their home into monthly income, lump-sum cash and/or a credit line. A Reverse Mortgage is a home loan in reverse...instead of making a monthly payment, you get paid.
A Reverse Mortgage is a loan allows you to access the equity in your home while living in the home ; there is no need to sell or refinance your mortgage creating monthly mortgage payments.
In 1988, legislation was passed that created the Home Equity Conversion Program backed by the Federal Government. Since then, other Reverse Mortgage options have been created allowing you more choices on how to use the equity in your home.
These Reverse Mortgage programs make it possible to eliminate your monthly mortgage payment while creating monthly income. Repayment of principal, interest and service fees is not reqired as long as you live in your home.

There are many benefits to Senior homeowners in a Reverse Mortgage. The funds can be used to replace the reduction in Social Security income which occurs with the passing of a spouse. There can be no monthly mortgage payment...ever! Monthly income, a cash lump-sum distribution and/or a credit line can be received and Reverse Mortgage funds are tax free.

How to Qualify

You must own and live in our home as your primary residence.

You must be at least 62 years old as well as your co-borrower(s).

Your income and credit history does not affect your qualification.

Frequently Asked Questions

1. What is a Reverse Mortgage?
    It's a program designed for Senior homeowners allowing equity in their home to be used for a monthly stream of income, a line of credit or a lump-sum cash payout that can be used any way they want.

2. Are there income requirements that must be met?
    There are no income or credit history requirements to receive a Reverse Mortgage.

3. Am I required to make a monthly payment?
    No. A Reverse Mortgage does not require any repayment until the borrower dies, moves, sells or refinances the home.

4. Can I repay my loan?
    You may make repayment on the balance at any time and apply any amount. However, you are not required to do so.

5. Will I be taxed on the proceeds?
    Proceeds from a Reverse Mortgage are not taxable.

6. Will I still own my home?
    Yes. You retain title/ownership of your home, which passes to your heirs at death. The lender does not have title, you do.

7. How will this affect my heirs?
    Upon death of the last remaining borrower, the heirs have 12 months to either sell the home or pay the balance (keeping any remaining equity) or refinance the home and pay off the balance.

8. What happens if my home requires repairs?
    If any repairs are required, they will be completed during the loan process and all the repair expenses can be funded into the loan.

9. If my loan exceeds the value of my home, are my heirs held responsible after my death?
    No. The Federal Government requires that the lender not seek any repayment from your income, heirs or other assets other than the equity in the home.

Call us today to qualify!