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Reverse Mortgage Program

REVERSE1

What is a Reverse Mortgage?

A Home Equity Conversion Mortgage is an FHA Federally Insured 
loan that allows homeowners age 62 and over to access a portion 
of the equity in their home without ever having to make another 
mortgage payment. 

 

Who Qualifies?

  • Homeowners 62 years of age and over*
  • Primary-Residence properties

What are the Benefits?

  • Use the proceeds to
    • pay off an existing mortgage
    • elminate monthly payments
    • be taken as disbursements
  • You still own your home!
  • Loan proceeds are tax free.
  • Loan does NOT affect Social Security or Medicare Benefits
  • Non-Recourse Loan: your heirs will never owe more than the value of the home 

When is it paid back?**

  • If you sell the home
  • If you haven't lived in the home for more than 12 months
  • When the final surviving borrower passes.

 

 

Apply Now

 

*Free lender credit toward home appraisal available for customers who meet loan requirements.  Subject to loan approval/closing.  Homeowners are still responsible for paying property taxes, insurance, and property maintenance.  

** The total amount to be repaid depends upon the total amount of all cash advances, including interest.  The amount will never be more than the value of the home at the time the loan is to be repaid.