What is a Reverse Mortgage?
A Reverse Mortgage loan is a unique, FHA (government-insured) loan that allows eligible homeowners 62 years and older to convert a portion of their home’s equity into cash without having to make monthly mortgage payments.
With a Reverse Mortgage loan, you can use your loan proceeds to:
- Pay off your existing mortgage
- Improve your monthly cash flow
- Make home improvements and more!
Myths and Realities about Reverse Mortgage
As with many financial products, Home Equity Conversion Mortgage (HECM) loans can be complicated and there may be a number of misconceptions about how the product works. Do you know the myths vs. the realities?
If you would like more information or you are ready to apply for a Home Equity Conversion Mortgage (HECM) loan with Tri Counties Bank we are here to help.
This page was not issued by HUD or FHA and was not approved by the Department or Government Agency.
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