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Reverse Mortgages

 

VA

Reverse mortgages are a big part of our commitment to helping even more people meet challenges that make staying in their homes and living independently a dream come true.

Soaring health care costs are hitting seniors at a time when more employers are cutting back on retiree medical and pension benefits.  The health care costs are causing more seniors to turn to credit cards as a safety net.  Yet more seniors subsist on fixed incomes and have little means to boost their incomes. People are also living longer.

 

What is a Reverse Mortgage?

 

What are some of the Benefits of a Reverse Mortgage?

 

Q and A about a Reverse Mortgage?

 

How Does the Process Work?

 

Reverse Mortgage Calculator

 

 

As the homeowner receives monthly cash income, the loan balance increases. In the following twelve-month example, the homeowner begins with a debt-free home. As money is received by the homeowner, the mortgage grows. By the end of month twelve, the homeowner owes the bank $6,000 plus $232.44 interest. All Reverse Mortgage loans have a variable rate.  


Example*

Regular monthly advances $500
Annual interest rate 6.5%

 

Month Beginning Balance Interest Ending Balance Cash Disbursement
0 0 0.00 0.00 $500.00
1 $500.00 $2.92 $502.92 $500.00
2 $1,002.92 $5.85 $1,008.77 $500.00
3 $1,508.77 $8.80 $1,517.57 $500.00
4 $2,017.57 $11.77 $2,029.34 $500.00
5 $2,529.34 $14.75 $2,544.09 $500.00
6 $3,044.09 $17.76 $3,061.85 $500.00
7 $3,561.85 $20.78 $3,582.63 $500.00
8 $4,082.63 $23.82 $4,106.44 $500.00
9 $4,606.44 $26.87 $4,633.31 $500.00
10 $5,133.31 $29.94 $5,163.26 $500.00
11 $5,663.26 $33.04 $5,696.29 $500.00
12 $6,196.29 $36.15 $6,232.44 $500.00

*Many criteria are considered when determining the reverse mortgage loan amount, interest rate, etc.