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Worried about how you—or someone you know—will pay for retirement? A reverse mortgage could be the answer. Read on for answers to frequently asked questions about this increasingly popular product for seniors. And come home to BCSB, the bank you know and trust, to get all the information you need to explore this important financial decision.
Congress specifically designed reverse mortgages to allow homeowners 62 and older to draw tax-free cash borrowed against the equity in their home. Repayment is delayed until they sell, transfer title or no longer permanently reside in the property. Using government insured programs, the accrued value of your home may be turned into a cash benefit with no monthly payment required.
No. You retain full ownership and title to the property and can remain in the home indefinitely.
If you and everyone on the title to your property are age 62 or older, you are eligible for this program, even if you still have a traditional mortgage loan.
No. Funds from a reverse mortgage can be used for absolutely any purpose, including:
Stop by your local branch, call Will Wilcox at 410-248-9127, or click here to have Will contact you.. Let us help you decide if a reverse mortgage is right for you or someone you know.
BCSB is an Equal Housing Lender and approved FHA Lender.