Today, there are more homeownership options for retired individuals and couples than ever before.

Make the Most of Your Retirement!

If you are at least 62 years old and have little or no outstanding debt on your home, our Reverse Mortgage programs could be a wise financial decision for you. A reverse mortgage allows you to borrow against the equity you've built in your home without having to repay the debt for as long as you live there. That's the "reverse" part of this kind of mortgage loan. Instead of making monthly payments, you can opt to receive them!

Reverse Mortgages vs. Traditional Refinance Loans

Traditional refinance loans mean that the homeowner borrows an amount of money and makes monthly payments. As payments are made, the loan balance gets smaller and the equity grows.

With a reverse mortgage, the homeowner borrows a small amount relative to the value of the home. Over the course of time, the loan balance grows, and equity decreases. Payment is required only once - at the end of the loan - which in most cases is when the homeowner passes away, sells the home, or no longer uses the home as their primary residence.

Flexible Access to Extra (Tax-Free) Income

Reverse Mortgages allow borrowers to obtain loan proceeds:

• In a lump sum to cover large expenses, or
• In monthly installments to supplement income, or
• As a line of credit to draw on as necessary, or
• A combination of the above.

There is even a choice for an immediate cash advance in addition to monthly allotments. And borrowers can change funds-distribution plans as many times as they wish.

Stay in Your Home with Peace of Mind

There are no income, employment, or credit qualifying restrictions. So you may still qualify if you are unemployed or have a tarnished credit history.

The maximum loan amount is based on age, location of the home, and the value of the home. The amount owed can never exceed the property value, so a reverse mortgage can never cause you to lose your home.