Reverse Mortgages

The HECM Reverse Mortgage

There are different types of Reverse Mortgages for different situations. The most common type is the Home Equity Conversion Mortgage (HECM), which is insured by the federal government. Under some new legislation that recently passed, there are new, higher limits available as well as the ability to purchase a new home with this program.

• Available for individuals 62 years old or older
• No income or credit qualification
• No monthly payments are required
• Delivers tax free monthly income (consult your Tax Advisor)
• Allows homeowner to live in their home
• Title to the home remains in the homeowners name
• The customer can now also use a Reverse Mortgage to purchase their new home.

The number of Reverse Mortgage loans made throughout Connecticut and the United States is increasing at a dramatic rate. The reason for this is more and more seniors and their families are educating themselves about the benefits of a Reverse Mortgage and deciding that it is the best solution for them. The question you may be asking yourself is “Is a Reverse Mortgage right for me?” or “Is a Reverse Mortgage right for my parents or older relatives?” In Connecticut, BCI is the best source for information on Reverse Mortgages.

Before you can answer either of those questions, you need to get all the facts and, for that, you've come to the right place! By following the links above, you will be on your way to learning how a Reverse Mortgage might benefit you or the senior adult in your life. When you are ready to apply, or even if you just have more questions, we hope you will call BCI Financial.

You can also visit the AARP Website for additional facts about Reverse Mortgages.

Questions? Visit our Frequently Asked Questions page, call for more information, or complete a few general questions on our Reverse Mortgage Inquiry form to have a qualified Reverse Mortgage Specialist call you with specific answers to your specific situation.