Reverse Mortgage Loans
Helping Seniors Live More Comfortable Lives
Over the past several years, reverse mortgage lending has become increasing popular among senior citizens nationwide. In 2007 alone, over 100,000 new reverse mortgage loans were originated in the country – a record for this product. In fact, there are over 500,000 reverse mortgages now outstanding in the United States!
Ulster Savings offers a wide range of reverse mortgage lending products. If you (or someone you know) are 62 or older and live in your own home, you should consider learning more about the unique benefits of a reverse mortgage loan.
A reverse mortgage is a loan secured by your home that allows you to access your home’s equity without having any required monthly mortgage payment. The loan is repaid when you sell your home or no longer occupy it as your primary residence.
Commonly referred to as a “HECM” (Home Equity Conversion Mortgage) loan, a reverse mortgage loan allows you to convert your equity into cash – cash you can use to supplement your monthly income, pay for rising fuel costs or health care expenses, home renovations, debt consolidation, property taxes, or for any need at all!
The proceeds from a reverse mortgage loan can be paid to you in a variety of ways:
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All at once, in a single lump sum.
- As a regular monthly cash advance.
- As a credit-line account that lets you decide when and how much of your available credit is paid to you as needs arise.
- Or as a combination of these payment methods!
For more information, contact our Reverse Mortgage Specialist, Mike Muldoon at mmuldoon@ulstersavings.com or (866)440-0391.
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