What is a reverse mortgage?

A reverse mortgage is a borrowing option available to homeowners age 62 and up that allows you to use the equity in your home for cash to cover a variety of expenses. With a reverse mortgage, instead of making monthly payments*, the loan balance is repaid in one lump sum once you sell or permanently leave your home.

*The borrower will be responsible for repaying property charges including homeowners insurance, taxes and maintenance of home for the term of the loan.

Use your home to live.

See how a Home Equity Conversion Mortgage (HECM) may benefit you.

If you are a homeowner age 62 or older, a Home Equity Conversion Mortgage, one type of reverse mortgage may help you maintain your financial independence in the years to come. With a reverse mortgage, you can tap into a portion of your home equity. And, you can remain in your home for as long as you like while maintaining homeownership.

A Home Equity Conversion Mortgage Features:

  • Option of a fixed or adjustable interest rate
  • A choice of ways to access your proceeds
  • No principal and Interest Payments*

*Borrowers are still responsible for paying taxes, insurance, HOA dues and property maintenance.

Use Your Reverse Mortgage Proceeds However You Decide:

  • Pay for your medical costs
  • Make home improvements
  • Cover unexpected expenses

Contact us for more information

Brenda Houglum: (218) 790-0954
Sharon Johnson: (701) 793-2755