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.