Unlock the Value of Your Home
We are excited to offer reverse mortgages as a new financial option for our members! A reverse mortgage can help eligible homeowners access the equity in their home while maintaining ownership and financial independence.
What is a Reverse Mortgage?
A reverse mortgage is a type of loan available to homeowners aged 62 or older that allows them to convert part of their home’s equity into cash—without the need to sell or move. Instead of making monthly mortgage payments, the loan balance is repaid when the homeowner sells the home, moves out permanently, or passes away.
How Does a Reverse Mortgage Work?
- Receive funds as a lump sum, monthly payments, a line of credit, or a combination of these.
- No monthly mortgage payments required as long as you live in the home and meet loan obligations (such as property taxes, insurance, and maintenance).
- Remain the homeowner and stay in your home as long as it remains your primary residence.
- The loan is repaid when the home is sold, or the last borrower no longer lives there.
Who Qualifies for a Reverse Mortgage?
- To be eligible for a reverse mortgage, you must:
Be 62 years or older - Own your home (or have a low remaining mortgage balance)
- Live in the home as your primary residence
- Maintain the home and stay current on property taxes and homeowners insurance
Benefits of a Reverse Mortgage
- Supplement retirement income by accessing home equity
- Stay in your home without monthly mortgage payments
- Flexible payout options: Lump sum, monthly income, line of credit, or a mix
- Federally insured (for FHA-backed loans) for added protection
- No personal liability—if the loan balance exceeds the home’s value, neither you nor your heirs are responsible for the difference
Is a Reverse Mortgage Right for You?
A reverse mortgage can be a great tool for financial flexibility in retirement, but it’s not right for everyone. Consider your long-term goals, estate planning needs, and other financial options before making a decision.
Get Started Today!
Our team is here to help you determine if a reverse mortgage is a good fit for your situation.
Contact Howard Miselman, SVP of Lending, today to learn more about how you can leverage your home’s equity for a more comfortable retirement.
[email protected] | 781.664.6533 | NMLS #18857