Fulfill Immediate Needs
- Increase Monthly Cash Flow
- Consolidate debts or pay medical bills
- Renovate your home
- Make a substantial purchase
Plan for the Future
- Keep available funds in a line of credit that grows over time.
- Line on reverse mortgage proceeds to allow other retirement assets increase in value.
- Use a line of credit as a safety net for unexpected and future expenses.
- The borrower must be the homeowner on title and must be 62 years of age or older.
- The borrower must have enough equity in the home.
- The home must be their primary residence and meet FHA standards.
- Borrowers will go through a Financial Assessment to determine if they are able to uphold the responsibilities of the loan, including paying property taxes and homeowners insurance and maintaining the home.