What Now for Home Equity?
The recent tax law changes have many homeowners and home buyers more than a little nervous ...
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
Haga clic aqui si desea consultar con alguien en Espanol acerca de opciones de Hipoteca.
Contact a Reverse Mortgage Specialist
Our employees are experts in their fields—we're here for you.
Other Articles of Interest
Estimating a Home's Market Value
Whether you are preparing to buy a home or sell a home, it is essential to determine its market value so you can make ...
Understanding Housing and Debt Ratios
You've found your dream home in the perfect neighborhood. There's just one problem ...
Los Documentos y formularios que prevemos para abrir y mantener su cuenta, Con Salem Five, son proporcionados en inglés.