If you are 62 years or older and have equity in your home, a reverse mortgage may be right for you. Chris Grevelis, EBSB’s Reverse Mortgage specialist would be happy to meet with you at your convenience to explain the program and process and to review your needs.
Key facts of Reverse Mortgages
- There is no monthly payment
- At least one of the borrowers must be 62 years or older
- Proceeds may be place in a line of credit, taken in a lump sum, periodic disbursements or a combination of the three
- Maximum loan amount is $625,500
- The borrower must continue to pay taxes, homeowners insurance, maintain the property and keep as their primary residence
- Always discuss alternatives with a trusted advisor
- Reverse mortgage counseling is done by an independent agency and is mandatory
Before being approved for a Reverse Mortgage, borrowers are required to meet with a representative of the department of Housing and Urban Development, which insures the loans.