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Reverse Mortgages
Are you retired and looking to enhance the quality of your life? A reverse mortgage may be the answer. A Reverse Mortgage
allows you to convert your home equity into tax-free income for many uses, such as covering healthcare
costs, repaying existing mortgages, reducing the burden on children or simply making home repairs.
More about Reverse Mortgages:
- All borrowers must be at least 62 years or older.
- You must own your home or condominium.
- You must occupy your property as primary residence.
- Refinance your home without paying the debt for as long as you live there.
- The loan is not due and payable until the borrower no longer occupies the home as a primary residence, e.g. the last surviving borrower sells, moves out permanently or passes away.
- You will never owe more than the value of your home.
- There are no income requirements and only minimal credit requirements to satisfy.*
- Interest is paid at the time the loan is repaid.
- You and/or your heirs will have the choice to repay the loan and keep the house or sell the home and repay the loan.
- Generally your Social Security or Medicare benefits are not affected by a reverse mortgage - consult your tax advisor.
- You remain the owner of your home, and we do not take control of the title.
* Reverse Mortgage borrowers are required to obtain an eligibility certificate by receiving free counseling
sessions from an independent government-approved housing counseling agency. The counselor's job is to educate
you about reverse mortgages, to inform you about other alternative options available to you given your situation,
and to assist you in determining which particular reverse mortgage product would best fit your needs if you elect
to get a reverse mortgage. Family members are also strongly encouraged to participate in these informative sessions.
To find out if a Reverse Mortgage is a good fit for you:
Call: (866) 359-0167
Email: ReverseMortgage@fremontbank.com
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