Reverse Mortgage

Reverse mortgages are designed for borrowers to access the equity in their home that they’ve built up over the years. Thanks to these mortgages seniors can go through retirement financially secure.

Most Common Options for Reverse Mortgages

  • Single Disbursement Lump Sum – Convert a position of equity into liquid cash at closing without any future withdrawals.
  • Line of Credit – Unscheduled payments to the borrower made at the borrowers request up until the borrowers credit is exhausted.
  • Term Payment – Provides borrowers a fixed monthly payment for a specified period of time.
  • Tenure Payment – Provides monthly payments to the borrower for as long as they reside in the home, regardless of time.
  • Modified Term Payment – Combines aspects of the line of credit feature with monthly payments for a fixed period of time.
  • Modified Tenure Payment – Combines aspects of the line of credit feature with scheduled monthly payments.

Are Interest Rates Fixed or Variable for Reverse Mortgages?

A fixed interest rate is only available for reverse mortgages where the borrower takes a single disbursement lump sum. All other reverse mortgage options  carry adjustable interest rates.

Who Can Qualify for a Reverse Mortgage?

Borrowers eligible for Reverse Mortgages must be at least 62 years old and occupy the property as a primary residence.

Find Out if a Reverse Mortgage Is Right for You