For Seniors

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A reverse mortgage is a loan based on the equity in your home. Just as with a regular mortgage, you can stay in your home without having to sell, move, or give up title. Unlike a conventional mortgage, the LENDER PAYS YOU; you don’t have to take on new monthly mortgage payments. 

You can receive the reverse mortgage funds as a lump sum, fixed monthly payments (life time for as long as you live in your home), a line of credit or a combination of monthly income and line of credit.

The policy remains in effect until the last surviving borrower (in the case of a couple) sells the home, permanently moves out or passes away. As long as you or your spouse continue to occupy the home as your principal residence, you will not have to sell or vacate your home––even if the total of the payments to you, plus interest, exceed the value of the property.

Can I still help my children?

You can leave your children the balance of the equity in your home, or they can refinance the house to pay off the loan and then sell it at market rates.

How much can I afford?

The amount of your Reverse Mortgage loan is based on the value of the equity in your home. Complete our Request for Information form and one of our loan officers will help you get an idea of the approximate amount you could receive, based on the current value of your home and your home equity.