Reverse Mortgage
A reverse mortgage is a loan that you do not have to pay back for as long as you live in your home. The accumulated amount can be paid to you in a lump-sum, as a regular monthly income, or at the times and in amounts you want by the lender. Eligible applicants must be 55 or older in age.
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Frequently Asked Questions
If I get a reverse mortgage, do I still own my home?
Yes! The bank is providing you a loan just like a traditional mortgage. The difference with a reverse mortgage is that you utilize the equity you have built in your home so you don’t have to make monthly payments.
Will I lose all of the equity in my home if I get a reverse mortgage?
Never! Your loan amount will never exceed 55% of the value of your home. When you decide to sell or downsize, you will always have available equity.
What are the advantages of a reverse mortgage?
Reverse mortgages provide access to tax-free cash while allowing you to remain in your home. They do not require regular mortgage payments, which can ease financial strain in retirement. Funds can be used for any purpose, such as home renovations, medical expenses, or supplementing retirement income.
What happens to my home when I pass away, or decide to move?
When the homeowner passes away or moves out, the reverse mortgage becomes due. The home is typically sold, and the proceeds are used to repay the loan. Any remaining equity after the loan is repaid goes to the homeowner or their estate.