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How it works
A reverse mortgage is the opposite of a traditional mortgage; instead of making payments, you use the equity in your home to generate income.
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Who is eligible for a Reverse Mortgage?
- Borrowers must be 62 years or older
- You must own your home outright, or have a low mortgage balance (any mortgage balance is paid off at closing with proceeds from the new reverse loan)
- There is no income restriction
- The home you are borrowing against must be your primary residence
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Payment Disbursement Options
- Lump sum
- Monthly installments
- Line of credit
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Additional Details
- You retain ownership and occupancy of your home
- Closing costs and fees can be financed as part of the loan
- When the loan is due, your heirs have choices: they can repay the loan and keep the house, or sell the house and repay the loan
- Interest is paid at the time the loan is repaid and the interest may be tax deductible (consult your tax advisor)
- You will never owe more than the current market value of your home
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Reverse Mortgage Program Option
- Financial Freedom Home Equity Conversion Mortgage (HECM): Provides cash, line of credit or monthly income subject to HUD/FHA lending limits for a fixed term or as long as you live in your home
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For additional information and to APPLY:
Call 1-800-562-6694 ext. 2280
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