Reverse Mortgages
- Summary
Reverse mortgages allow homeowners age 62+ to convert home equity into cash either as a line of credit to draw upon or as a lump infusion of cash. Unlike a traditional home equity line of credit, a reverse mortgage has no monthly payments and requires no credit or income qualifications to set up.
- No out-of-pocket closing costs
- No taxes to pay on amount you receive (all proceeds are tax-free)
- Helpful for medical or health-related expenses
- Ideal for home repair/improvement
- Great Investment
- Perfect for travel, gifts or daily expenses
- Repayment
No monthly payments or repaying the loan until you move out permanently, refinance or sell the home.
TO APPLY: Please come in to apply today. If you have questions please feel free to contact one of our qualified loan officers by phone, or e-mail at loanadmin@cbphonline.net.
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