For homeowners 62 or older, a reverse mortgage is a type of home loan that allows you to convert a portion of the equity in your home into cash. That means the equity you’ve built up over the years of making mortgage payments can now be paid back to you. How you use the funds is up to you.
And unlike a traditional home equity loan or second mortgage, reverse mortgage borrowers don’t have to repay the loan until they’re done using the home as a principal residence (or fail to meet the obligations of the mortgage).
Interest rates on reverse mortgages change all the time based on market trends. While we can’t guarantee your specific percentage here and now, talk to one of our loan officers to lock in your exact interest rate.
Estimate your monthly mortgage with this home loan calculator. Just remember, your results are only estimates.
Talk to one of our loan officers to get an official figure. We’re here to help.
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