Security Center Alerts
Getting the Lowest Mortgage Rate
In the past several years, mortgage rates have risen from record lows to the highest in decades. High rates and high housing prices are a tough combination for potential homebuyers ...
Reverse Mortgage
Supplement your income
A reverse mortgage, or home equity conversion mortgage (HECM), is a federally regulated loan available to home owners 62 and older in which the bank makes payments to the borrower based on a percentage of accumulated home equity. There’s no monthly repayment of interest or principal, although you must continue to pay your taxes and insurance. The loan gets repaid when the house is sold, or when the last of the eligible homeowners have permanently left the house as their primary residence.
- Owner-occupied single family, multi-family and FHA Approved condominiums are eligible
- Pay off an existing mortgage, increase cash flow, pay bills, make home repairs, or set up as a line of credit
- "Non-recourse" feature means the total amount owed can never exceed the home’s appraised value
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Other Articles of Interest
Understanding VA Loans
VA loans are issued by private lenders but guaranteed by the U.S. Department of Veterans Affairs (VA). They are available to active-duty service members, eligible veterans, and ...
What Is a Jumbo Loan?
Jumbo loans, or jumbo mortgages, are designed for financing properties that exceed the loan limits set by the Federal Housing Finance Agency (FHFA) for conventional mortgages ...
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