A secure future is right at your doorstep.
Coastway Community Bank offers reverse mortgages. Reverse Mortgage is a unique, federally insured loan, which allows people 62 and older to convert a portion of their home’s equity into tax-free cash.*
What can I use a Reverse Mortgage for?
- Pay off an existing mortgage
- Supplement retirement income
- Make home repairs or modifications
- Pay for home health care
- Remain in the home you love
- Relieve financial stress
- Improve your quality of life
- Purchase a retirement home
What should my family know about Reverse Mortgage?
- You receive payments instead of making them.
- You will never owe more than the value of your home.
- You retain the title to the property.
- The payments you receive will not affect your social security or Medicare benefits.
- Repayment on the loan only becomes due when the last person on the loan moves out, sells the home or passes away.
*Coastway does not provide tax advisement services. Please consult your tax advisor for specific information about tax ramifications.
What else should I know?
Click here for more Frequently Asked Questions about Reverse Mortgage.
|How much money can I get from a Reverse Mortgage?||That depends on a number of factors, including your age, the value of your home and the interest rate at the time of application. A consultation with one of our Reverse Mortgage Specialists will help you to determine how much you can get.|
|How may I choose to receive my payments?||
|Can I change the way I receive the funds during the course of the Reverse Mortgage?||Yes. You may change how you receive your payments at any time. The Reverse Mortgage was designed to be flexible enough to meet your changing needs.|
|What if I still owe money on my home?||That’s ok, provided there is enough equity available through the Reverse Mortgage to pay off any existing mortgage on the home. You’ll have access to whatever is left after your mortgage is paid off.|
|Will I continue to own my home?||Absolutely. You continue to hold the title and the deed to your home, and the Reverse Mortgage does not need to be paid off until the last person on the loan has permanently left the home.|
|What if when I move my home is not worth as much as what I borrowed?||Because Reverse Mortgages are non-recourse loans, you will never owe more than the market value of your home at the time the loan is repaid.|
|What if I’ve had credit issues in the past?||That’s ok. There are no credit, income, employment or medical requirements to obtain a Reverse Mortgage.|
|Are Reverse Mortgages only available for people with low income?||Absolutely not. Many senior home owners use the Reverse Mortgage as part of their overall retirement plan. It can pay off an existing mortgage, supplement income or purchase a second home.|
H. Tina Riccio
Reverse Mortgage Specialist