A reverse mortgage is a loan program for seniors, 62 years or older, that will allow you to stay in your home, eliminate your current mortgage payment, and access the equity in your home tax free.
Unlike traditional mortgage loans, no repayment is required until you no longer occupy the home as your primary residence. Reverse mortgages are based on your home's equity, that means there are no income or credit requirements for qualification. You will retain ownership in your home, so you will still be responsible for property taxes, insurance and repairs.
Before applying for a reverse mortgage loan, you will receive counseling from a state-certified housing counselor to ensure that you are completely informed and certain that this is the best choice for you.
For more information regarding Reverse Mortgage, please contact Ginny Webb at gwebb@firstbancorp.comor (910) 692-6222.
Additional rates, terms and products are available upon request. Rates are subject to change at any time without notice. The rates stated above assume a 20% down payment and may be adjusted due to credit score.
