340.jpg


YOU'VE PAID IN, NOW CASH OUT with
a REVERSE MORTgage

A reverse mortgage puts you in control of your retirement

Do you ever find yourself short of cash? Would it help if you didn't have to pay a monthly mortgage? Do you want/need to make home repairs or improvements? Would you feel more financially secure if you had access to money you could use if needed?" If you answered "YES" to any of these questions, reverse mortgage may be the solution for you!

A Reverse Mortgage can be a key part of your retirement plan offering you the flexibility to make cash available in a prudent manner so the equity you’ve built up over the years can serve you today and your children tomorrow.


SENIOR LOAN PROGRAMS

Learn more about the senior loan programs and the options you may qualify for.

SUCCESS STORIES

We’ve heard many success stories from seniors we’ve helped secure reverse mortgages including our very own mortgage officer, John Hanson.

IS A REVERSE MORTGAGE RIGHT FOR YOU?

Your home is an important part of your life. It’s important to consider the options and be sure a reverse mortgage is the right fit for you and your loved ones.


234.jpg

HOW IT WORKS

Let’s assume you're age 62 or higher and you’ve already decided to get a reverse mortgage. Then, there will be three things for you to decide:

  1. How much to borrow

  2. How to receive your funds (in a lump sum, over time, or a combination of both)

  3. How you’ll pay it off when you no longer occupy the home

Going forward, you can pay it down, borrow more, or pay it off early.


FIND OUT HOW MUCH CAN YOU BORROW WITH YOUR REVERSE MORTGAGE

Here are the major factors that determine the amount you can borrow:

  1. Age of the younger spouse

  2. You must own and occupy a home.

  3. The amount you can receive is reduced by the amount you still owe on a mortgage, if any.

  4. Current interest rates

small 71980.jpg

HOW TO RECEIVE YOUR REVERSE MORTGAGE FUNDS

Understand you do not have to make any payments on a reverse mortgage. It’s only when you stop occupying your home that the mortgage has to be paid. Once the reverse mortgage is paid off, any untapped equity and subsequent appreciation in your home’s value belongs to you or your heirs. You have several options to receive your reverse mortgage money so you can tailor the arrangement to suit your needs:

  1. Lump sum payment

  2. Line of credit (you draw down on it as needed)

  3. Tenure (fixed monthly payments for as long as you live in your home)

  4. Combinations of these

line.png

HOW TO PAY OFF A REVERSE MORTGAGE AFTER YOU NO LONGER NEED IT

When you stop occupying the home the mortgage comes due, you or your heirs have two choices:

  1. Pay off the reverse mortgage and keep the home

  2. Sell the home and distribute any money left over after sale