Reverse Mortgages
Release Your Home Equity
A reverse mortgage converts a portion of your home’s equity into cash—without having to sell your home. The amount of funds available is based on your age, the appraised value or lending limit of your property, and current interest rates.
The cash can be disbursed in several ways:
- As a line of credit
- A monthly sum
- A lump sum
- Any combination of these options
Unlike traditional mortgages, there are no required payments until you permanently leave your home.
Achieve Financial Independence
The proceeds from a reverse mortgage may be used to eliminate mortgage payments, reduce high-interest debt, fund home repairs, pay medical expenses and more. There are no restrictions on how you use your funds. Plus, the proceeds are tax-free! (Consult your tax advisor.)
Key Benefits
- Stay in your home and retain the title
- No repayment until you permanently leave your home
- In most cases, the amount due will not exceed the value of your home
- Remaining equity will belong to your heirs
Qualifications
Each borrower must be 62 years of age or older, and you must have sufficient equity in your home. There are no income or credit requirements for a reverse mortgage.
Once you obtain your reverse mortgage, you will continue to be responsible for maintaining your home, paying property taxes, and paying insurance premiums.
How to Get Started
When you are ready to take the first step, contact Pro Fed Mortgage Services. We will present you with options and answer your questions. We will walk you through each step of the process and customize a solution that meets your needs.
Contact Mortgage Services at 260-483-0514 or 800-752-4613 ext. 16,
or send an e-mail to mortgage@profedcu.org
Your Application
When you decide on a reverse mortgage, be sure you have the following items with you so we can complete your application as soon as possible:
- Photo identification and one secondary form of identification.
(This is a federal government regulation for your protection.) - The loan number and balances of any outstanding mortgages
- Your current homeowner’s insurance policy
- Any applicable legal documents, such as powers of attorney or trusts.
- Counseling Certificate – Must be signed and dated by third-party counselor. (Ask us for details.)
For more information, click here to visit ReverseMortgage.org.
