A reverse mortgage is for borrowers that are 62 years or older. This loan is much different than any other mortgage because instead of the borrower making payments to a lender, the lender makes payments to the borrower. This allows the borrower to convert the equity they have paid into their home and turn into cash.
A borrower that takes advantage of this program will retain their home and are not required to make any mortgage payments towards the loan balance unless they move from the residence, however they must stay current on their property taxes and insurance. The senior is also allowed to sell the home at any time or leave the home to their kids.
Some of the benefits of a reverse mortgage:
- Payoff debt or medical bills
- Create financial freedom
- No more mortgage payments
- Additional cash to cushion a budget
If you are 62 years or older, give us a call to see if you may qualify for a reverse mortgage.Apply Today
The information contained within is not intended as a loan commitment and not all applicants will qualify. Loan approval will be based on each borrower(s) credit, income, employment, and assets. Programs, rates, terms and conditions are subject to change without notice, please call us for more information.