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  • About Me
    • About Me
    • Disclosures & Licensing
  • Reverse Mortgages
    • Are All Reverse Mortgages HECMs?
    • How It Works
    • FAQs
    • HECM For Purchase Guidelines
    • The Reverse Mortgage Process
    • Top 10 Reverse Mortgage Questions
    • Reverse Mortgage Myths
    • Reverse Mortgage Resources
    • FHA-Insured
    • Choosing a Loan Originator
    • Intro to Reverse Mortgages
    • History of Reverse Mortgages
  • Who We Help
    • Seniors
    • Adult Children
    • Special Advisors

How It Works

“My house has been my home for most of my life. I can’t leave, but I can’t afford to stay.”

You live in a home that you’ve watched increase in value for years. You find it difficult keeping up with bills and healthcare expenses. You’re faced with a dilemma: sell the house—your home, which really doesn’t have a price tag—or continue to live in it and watch your financial burden increase. Now imagine this dilemma resolved.

woman
A reverse mortgage allows you to draw on the value of your home without having to sell it.
Enter The Reverse Mortgage

A reverse mortgage allows you to draw on the value of your home without having to sell it. A “reversal” of a conventional mortgage where you would pay monthly principal and interest payments, a reverse mortgage is a loan that may allow you to receive monthly payments. The loan is repaid when you sell your home, the last borrower passes away, or you no longer live there as the principal residence. However, there are some circumstances that could cause the loan to become due and payable such as non-payment of property taxes, homeowners, or flood insurance. As a borrower, you must continue to pay property-related fees, taxes, and insurance, and must maintain the home in good condition. Extended absences by the last named borrower from the home can trigger the loan being called due and payable. Credit is subject to age, minimum income guidelines, credit history, and property qualifications. Program rates, fees, terms, and conditions are not available in all states and are subject to change.

You can use the cash payments as you wish: to supplement your retirement income, make home improvements, pay bills, or vacation. It’s all up to you.

Deciding whether or not to go forward with a reverse mortgage is a big decision. If you are still learning about reverse mortgages we direct you to our Top 10 Reverse Mortgage Questions. Here you will learn the ins-and-outs of what to expect from a reverse mortgage.

How Does It Work?
Learn how a reverse mortgage could provide you more cash.
How It Works
What Do Family Members Need To Know?
Get informed about how everyone is affected by a reverse mortgage.
Adult Children
How Much Can You Get?
Use our free calculator that will help you see how much you could qualify for.
Loan Calculator
Is It Right For You?
Get the facts from a qualified reverse mortgage originator.
Get The Facts
NMLS#: 214866
NMLS Consumer Access
BBB Affiliation Equal Housing Lender Affiliation

This information is not intended to be a substitute for legal, tax or financial advice. Consult with a qualified attorney, accountant or financial advisor for additional legal or tax advice. These materials are not from HUD or FHA and were not approved by HUD or a government agency.
* There are some circumstances that will cause the loan to mature and the balance to become due and payable. The borrower(s) must continue to pay for property taxes and insurance and maintain the property to meet HUD standards or risk default.. Credit is subject to age, minimum income guidelines, credit history, and property qualifications. Program rates, fees, terms and conditions are not available in all states and subject to change.

William 'Bill' Binkey
NMLS #214866
Phone: (928) 237-9599
The Federal Savings Bank, NMLS #411500

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The Federal Savings Bank

300 N Elizabeth Street, Ste 3E

Chicago, IL 60607

NMLS# 411500

 

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  • About Me
    • About Me
    • Disclosures & Licensing
  • Reverse Mortgages
    • Are All Reverse Mortgages HECMs?
    • How It Works
    • FAQs
    • HECM For Purchase Guidelines
    • The Reverse Mortgage Process
    • Top 10 Reverse Mortgage Questions
    • Reverse Mortgage Myths
    • Reverse Mortgage Resources
    • FHA-Insured
    • Choosing a Loan Originator
    • Intro to Reverse Mortgages
    • History of Reverse Mortgages
  • Who We Help
    • Seniors
    • Adult Children
    • Special Advisors