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Overview of Reverse Mortgages

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Reverse Mortgages are insured by the Federal Housing Administration and designed specifically for homeowners age 62 and older. These unique mortgages help seniors leverage home equity to obtain cash to supplement their retirement expenses.

With a reverse mortgage, borrowers are not required to make a monthly mortgage payment, but must continue to pay property taxes, insurance, maintain their homes and otherwise comply with loan obligations. The principal and interest that one would normally pay every month is deferred for the life of the mortgage and paid when the mortgage becomes due.

Loan Benefits

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Reverse mortgages have helped hundreds of thousands of seniors live more comfortably during their retirement years. Since there are no restrictions on how to utilize loan funds, reverse mortgages act as versatile tools to address a number of needs, including:

• Refinance an existing mortgage
• Consolidate debt
• Purchase a home
• Provide a mechanism for strategic financial planning
• Provide additional cash flow
• Establish a growing line of credit
• Finance home improvements