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Open the door to a better retirement

Understanding the advantages of a Reverse Mortgage

Planning for retirement can be overwhelming. But if you’re 62 or older, you have access to special financing that can better suit your needs now and in the future. With an FHA-insured1 Reverse Mortgage, you can turn part of the equity you’ve built up in your home into funds you can use today, or a line of credit that will be there when you need it.

Eliminate a mortgage payment
Extend retirement savings
Flexible options to access cash

The Reverse Mortgage – also known as a Home Equity Conversion Mortgage – offers all the benefits of a traditional home equity loan or home equity line of credit, but with more flexible repayment options. On a monthly basis, you can opt to pay interest only; principal and interest; or make no loan payment—you choose. As with any home-secured loan (or mortgage), you must meet your loan obligations, and keep current with property taxes, insurance, maintenance, and any homeowners association fees. Plus, there’s no pre-defined loan maturity date, which gives you more freedom in managing your monthly expenses.

For detailed information on the product, and to see if a Reverse Mortgage may be right for you, schedule a consultation with one of our mortgage professionals.

 

Features

More about Reverse Mortgages

  • Buy a home
  • Refinance an existing mortgage or consolidate debt to reduce your monthly bills
  • Fund major home renovation projects
  • Establish a standby line of credit you can tap into as needed
  • Pay for large purchases, like a new automobile

Things to consider

  • Depending on the repayment plan, if interest is not paid as it accrues, the loan balance will increase over time. This will mean less assets to leave to heirs.
  • Certain events can cause the loan to become due. The loan can be paid off by selling the home or refinancing with a traditional mortgage.

Still have questions?

Check out our FAQ page for some common questions and answers about reverse mortgages.

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Additional Resources

Find a mortgage specialist
Home Purchase Basics
Monthly payment calculator

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Notices & Disclosures
1
Membership with MIDFLORIDA Credit Union required to obtain a mortgage loan; $5 deposit required for membership. This material has not been reviewed, approved or issued by HUD, FHA or any government agency. Mortgage financing is provided by Reverse Mortgage Funding LLC, 1455 Broad St., 2nd Floor, Bloomfield, NJ 07003, NMLS ID #1019941, which is not affiliated with or acting on behalf of or at the direction of HUD, FHA or any other government agency. All loans subject to approval. Certain conditions and fees apply. Disbursements to borrower under a reverse mortgage are determined by the value of the borrower’s home, current interest rate, and borrower’s life expectancy. Borrower risks foreclosure if taxes and insurance are not paid, no longer occupies home as primary residence; any related homeowners association dues are not paid; or property is not properly maintained. For more information about reverse mortgages, go to: https://www.consumer.ftc.gov/articles/0192-reverse-mortgages. MIDFLORIDA Credit Union NMLS #417627