Mortgage Loans
Reverse Mortgage
Imagine having the income you need to remain living in your home after retirement. Imagine having the extra income you need for improvements, healthcare costs, even vacations. That's where a Reverse Mortgage from WesternBank comes in.
Account Highlights
- Converts your home equity into monthly income
- Borrower retains ownership and occupancy of home
- Borrower continues to pay all property related fees, taxes and insurance
- No monthly principal and interest payments
- Tax-free equity release. Please seek the advice of a tax advisor.
- The home must be primary residence and maintained in good condition
- Closing costs and other fees can typically be financed with the loan
Reverse Mortgage Fast Facts
- All borrowers must be 62 or older
- No repayment is made until the home is sold, the owner permanently moves out or passes away
- You will never owe more than the value of your home
- Interest is paid at the time the loan is repaid
- When the loan is due, your heirs have options - repay the loan and keep the home or sell the home and repay the loan
- Regular Social Security benefits and Medicare benefits are NOT affected by a Reverse Mortgage
Click here to contact a Mortgage Loan Officer.