Reverse Mortgages

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.

What is a reverse mortgage?

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.

Does a reverse mortgage mean I will no longer own my home?

No. You retain full ownership and title to the property and can remain in the home indefinitely.

Am I eligible for a reverse mortgage?

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.

Am I limited as to how I can use reverse mortgage funds?

No. Funds from a reverse mortgage can be used for absolutely any purpose, including:

• Increasing monthly cash flow
• Paying off existing mortgages or credit cards
• Financial and tax planning
• Covering health care costs or providing for in-home care expenses
• Making home repairs or improvements
• Traveling or buying a second home

How do I find out more?

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.