Reverse Mortgage Basics
- Homeowners must be age 62 or older
- Home must be the primary residence of the homeowner
- Proceeds are usually tax-free (but laws differ state to state, so please consult a tax advisor)
- You make no monthly mortgage payments (interest does accrue on the loan amount disbursed)
- Reverse mortgages can be used to refinance an existing mortgage
Qualified homeowners will continue to own and live in their homes. They will have the freedom to use their reverse mortgage proceeds as they wish, including:
- Property taxes and homeowners insurance payments
- Medical expenses and prescriptions
- Home repairs or remodeling
- Monthly living expenses
- New car purchases or repairs
- Credit card or other debt
- In-home health care
Even if you have an existing first or second mortgage you may still qualify for a reverse mortgage. You can receive the proceeds of your reverse mortgage as a monthly or quarterly payment, a lump sum, or even access your proceeds like you would a home equity line of credit.
Upcoming Reverse Mortgage Seminars
Reverse Mortgage Seminar hosted by Citizens First Bank
Friday April 21, 2017
Palmer Legends Country Club
Light refreshments will be served.
Please click on the following link to reserve your place or call (352) 259-3207 for more information.