Security Center Alerts
Should You Refinance Close to Retirement?
As you approach retirement, your financial priorities begin to shift toward stability, predictability, and reducing long-term expenses ...
Reverse Mortgage
Supplement your income
A reverse mortgage, or home equity conversion mortgage (HECM), is a federally regulated loan available to home owners 62 and older in which the bank makes payments to the borrower based on a percentage of accumulated home equity. There’s no monthly repayment of interest or principal, although you must continue to pay your taxes and insurance. The loan gets repaid when the house is sold, or when the last of the eligible homeowners have permanently left the house as their primary residence.
- Owner-occupied single family, multi-family and FHA Approved condominiums are eligible
- Pay off an existing mortgage, increase cash flow, pay bills, make home repairs, or set up as a line of credit
- "Non-recourse" feature means the total amount owed can never exceed the home’s appraised value
Contact a Reverse Mortgage Specialist
Our employees are experts in their fields—we're here for you.
Other Articles of Interest
15-Year vs 30-Year Mortgages
Choosing between a 15-year and a 30-year mortgage is one of the most important decisions you'll make as a homebuyer ...
The Costs of Selling a Home
Selling a home can be costly. Total expenses depend on the property’s location, sale price, market conditions, and deal terms. Although sellers ...
Haga clic aquí si desea consultar con alguien en Espanol acerca de opciones de Hipoteca.
Los Documentos y formularios que prevemos para abrir y mantener su cuenta, Con Salem Five, son proporcionados en inglés.