Reverse Mortgage

A reverse mortgage is a type of home equity loan that’s reserved for older homeowners and does not require monthly mortgage payments. No repayment of the mortgage (principal or interest), is required until the borrower dies, moves away permanently, or sells the home.

• Reverse mortgage loans are specifically designed to help seniors, age 62 and older, tap home equity to help cover their retirement needs.

• Your only obligations as a borrower with a reverse mortgage loan are to continue to pay taxes and insurance on the home, keep it in good condition, and comply with the other loan terms.

• Reverse mortgage loan funds can be used for just about anything, such as paying for medical bills, paying other debts, supplementing your retirement portfolio, or for home repair and improvment.

• Reverse mortgage loan funds can be disbursed to you thru a lump sum payment, a line of credit, monthly payments, or any combination of these.