Reverse Mortgage
- What Is a Reverse Mortgage?
- What's the Difference between a Reverse Mortgage and a Home Equity Loan?
- Who is Eligible for a Reverse Mortgage?
- How Much Can I Borrow?
- What Fees Are Associated with a Reverse Mortgage?
- Are There Different Types of Reverse Mortgages?
- How Do I Access the Money?
- When Is Repayment Due on a Reverse Mortgage?
- What Things Should I Consider?
- What Are the Tax Consequences of a Reverse Mortgage?
How Do I Access the Money?
Once the reverse mortgage is in place, there are several different options to tap into the money:
- A lump-sum payment
- A line of credit from which the funds can be drawn upon as needed
- A fixed monthly cash advance, which is received by the borrower over a certain number of years
- A fixed monthly cash advance, which is received by the borrower as long as the borrower occupies the home
- A combination of a line of credit along with a monthly cash advance for a fixed period of time selected by the borrower
- A combination of a line of credit along with a monthly cash advance for as long as the borrower remains in the home
- A combination of a lump-sum payment, a line of credit, and a monthly income
You can change options if your circumstances should change, providing the outstanding mortgage balance is less than the original principal limit.
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Important information about procedures for opening a new account
To help the government fight the funding of Terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.
What this means to you: When you open an account, we will ask you for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.
Investment products are offered through Osaic Institutions, Inc., Member FINRA/SIPC. Insurance products offered through Osaic Institutions, Inc.