Reverse Mortgages

Reimagine your retirement with a Reverse Mortgage. A Home Equity Conversion Mortgage (HECM) loan–commonly known as a reverse mortgage–allows you to borrow against the equity in your home to access funds you can use immediately.

Reverse mortgages were once used primarily for cash flow purposes, but have since become a widely used tool for retirement funding. With a reverse mortgage, you can leave your nest egg untouched for longer, extend your retirement income and live the rewarding retirement you deserve.

How is a Reverse Mortgage Different from a Traditional Mortgage?

Unlike conventional mortgage or home equity loans, a reverse mortgage comes with no monthly payments. For the loan to remain in good standing, you just need to continue to pay property taxes and homeowners insurance, and keep the home in good repair. The loan must be repaid when you sell it or no longer live there as your primary residence.

Who Can Apply for a Reverse Mortgage?

To qualify for a reverse mortgage, you must meet the following requirements:

How Can You Use the Money?

You can choose to receive your reverse mortgage funds as a lump sum, line of credit, monthly installments, or a combination. Reverse mortgage loan proceeds can be used in a variety of ways, such as:

Learn More

There are several different types of reverse mortgage loans. To find the one that best suits your needs and financial goals, speak with a loan specialist at United Roosevelt Savings Bank. Call us today at 732-541-5445, or visit our branch office in Carteret, N.J. during bank hours.