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Reverse Mortgage Loan

Personal Banking

maximize potential home equity

AND RESOLVE FINANCIAL CHALLENGES


Like millions of older Americans, you may face cost of living increases, mortgage or home equity payments, credit card debt, medical expenses, taxes, home maintenance costs, utility bills and other unexpected expenses. By making the most of your potential home equity, a reverse mortgage allows you to remain in your home and offers you a solution to your financial challenges at the same time.
An FHA Reverse Mortgage is a loan for people 62 years of age and better that does not require monthly repayments as long as you, the homeowner(s), live in your home. It is repaid after you are no longer an occupant and usually through the sale of the property. In the meantime, you may continue living in your home.
By making the most of your potential home equity, a Reverse Mortgage gives eligible homeowners the liquidity to pay your bills even though your cash flow and expenses may change from month to month. Neither Social Security nor Medicare is affected.

There are very few restrictions on how you may use your loan money. A Reverse Mortgage allows you to:

  • Pay off existing mortgage and/or home equity loans (this is a requirement)
  • Pay credit card bills
  • Pay taxes and homeowner/car insurance
  • Address deferred household maintenance and repairs
  • Supplement retirement income
  • Manage costs of in-home health care
 
 
 
Using your home’s equity as a source of support when your savings are diminishing or debit is accumulating is an effective way to supplement your monthly income while staying in your home.
 

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Contact Mary Spencer, reverse mortgage specialist, for more information or to get started.

mary spencer reverse mortgage specialist

phone icon267.994.7638

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