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What is a reverse mortgage?
Are there different types of Reverse Mortgages?
Who is eligible?
How much money can I get?
How do I receive the money?
Are there any restrictions on what I can use the money for?
How is a reverse mortgage different from a home equity loan?
Is there an easy comparison of the different facets of reverse mortgages?

What is a reverse mortgage?
A reverse mortgage is a unique type of loan that offers 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. So you can never be forced out of your home for “missing a payment”.

Are there different types of Reverse Mortgages?
Yes, there are different types of reverse mortgage programs that are designed to fit different situations. The programs each have their own unique set of guidelines, which need to be considered to insure that the best program is chosen to meet the needs of the consumer.  We have prepared a handy comparison chart to help with your decision.

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. This program is available with monthly and annual rate adjustment features.
Click here for a look at our comparison chart to help in making the right decision.

Fannie Mae
The Fannie Mae reverse mortgage program is similar to the HECM program and the differences may make sense in your situation.
Click here for a look at our comparison chart to help in making the right decision.

Cash Accounts
The Cash Account programs not insured by the U.S. Government and they are designed for homes that are higher in value and/or for consumers looking for a unique financial planning tool. There are three Cash Account program available through BCI that provide consumers access to more of the equity in their home than the government programs.
Click here for a look at our comparison chart to help in making the right decision.

Who is eligible?
If you own a single 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.

How much money can I get?
The amount of cash available from a reverse mortgage depends on your age, your home's value and location, and current interest rates. You can get a estimate from the AARP's Reverse Mortgage Calculator or; for a free, no-obligation personal meeting and/or calculation, give us a call.

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) or a combination of these.

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, there are NO income requirements, NO monthly payments, and the reverse mortgage PAYS YOU!

Is there an easy comparison of the different facets of reverse mortgages?
Yes, we have 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. Click here to see this valuable information.

Call for more information or click here and answer a few general questions to have a qualified Reverse Mortgage Specialist call you with specific answers to your specific situation.

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