Down Payment Assistance Programs
For those at the low-to-moderate-income level, the most substantial barrier to homeownership are the closing costs and a down payment associated with ...
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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Is a Reverse Mortgage Right for You?
When you own a home and need additional cash flow, a reverse mortgage is one way to get it. A reverse mortgage ...
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