Frequently Asked Questions

Reverse Mortgages

What is a Reverse Mortgage from BCI Financial Corporation?
 

A Reverse Mortgage is a unique type of loan that offers Connecticut homeowners age 62 and older an opportunity to convert the equity in their home into available cash. Financial security is achieved with this federally-insured loan without worries about repayment until you no longer live in your home. Contact a Reverse Mortgage Specialist to answer all of your Reverse Mortgage questions. 
 

Are there different types of Reverse Mortgages?
 

Yes, there are different types of Reverse Mortgage programs that are designed to fit different situations. Each program has a unique set of guidelines, which need to be considered to insure that you choose the program that is right for you. Our Reverse Mortgage Comparison Chart will help with your decision. The different types of loans available from BCI are as follows:
 

FHA - Home Equity Conversion Mortgage[HECM] The Home Equity Conversion Mortgage is the most popular and flexible Reverse Mortgage program available. This program gives the consumer the most available money and the most flexibility in considering how a consumer will take the available funds. There are fixed and variable products available. This program is available with monthly and annual rate adjustment features. Our Reverse Mortgage Comparison Chart will help with your decision.
 

Fannie Mae The Fannie Mae Reverse Mortgage program is similar to the HECM program and the differences of this program may make sense in your particular situation. Our Reverse Mortgage Comparison Chart will help with your decision.
 

Who is eligible for a Reverse Mortgage from BCI Financial?
 

If you own a single 1-4 family home or condominium and you are at least 62 years old, then you will probably qualify. There are no credit or income qualifications to obtain a Reverse Mortgage from BCI Financial. Contact one of our Reverse Mortgage Specialists to see if you are eligible for a Reverse Mortgage. 
 

What ia a “Reverse Mortgage for Purchase?”
 

This program allows you to purchase a new retirement home using the equity from your current home. You can actually buy a hime for more money and have no mortgage payments.
 

How much money can I get?
 

The amount of cash available from a Reverse Mortgage depends on the following criteria: your age, your home's value and which Connecticut county you live in and current interest rates. You can us this AARP Reverse Mortgage Calculator for an estimate. You can also call a specialist at BCI to set up a free, no-obligation personal meeting and/or calculation. We will be happy to come to your home and meet with you and/or a trusted advisor to get you all of the information you need. 
 

How do I receive the money?
 

You have several choices. You can take all of the money in one lump sum, as automatic monthly installments, a line of credit (most popular in CT) or a combination of these. You have the ability to choose the option that will work the best for you. Your BCI Reverse Mortgage Specialist will discuss all of your options with you.
  

Are there any restrictions on what I can use the money for?
 

No. It is your money to use as you would like. Some people pay for the necessities of home health care, medication, property taxes and home repairs; while others choose to travel or pursue an education; and still others just want the comfort of knowing they have a cushion against the unexpected.
 

How is a Reverse Mortgage different from a home equity loan?
 

Both loans convert the equity in your home into available cash, but in very different ways. With a Home Equity loan, you must have sufficient income to qualify and you must make monthly payments. With a Reverse Mortgage from BCI Financial, there are NO income requirements, NO monthly payments, and the Reverse Mortgage gives you money! Contact a Reverse Mortgage Specialist today to discuss the benefits of a Reverse Mortgage. 
 

Is there an easy comparison of the different facets of Reverse Mortgages?
 

Yes, BCI Financial has prepared a chart of many of the different facets of Reverse Mortgages and some of the most common questions that we get from our customers. Our Reverse Mortgage Comparison Chart will help with your decision.
 

Is counseling required and how does it work?
 

Reverse Mortgages do require counseling for the borrower and anyone else who lives in the house. This counseling can be in person (there are counseling agencies throughout Connecticut and Southern New England) or by telephone. It usually lasts for one hour and the counselor will assure that you have been given all of the facts you need to make a sound decision on a Reverse Mortgage. FHA regulations require that the borrower pay the small fee for this service.
 

What if I my house is in a trust or if I have deeded “Life Use”?

Most likely you would still be eligible for a Reverse Mortgage. Work with a BCI Reverse Mortgage specialist and we will go over the remedy for this situation and we will make sure that the Connecticut Attorney who closes your mortgage is well versed in those requirements.