A reverse mortgage is a loan that allows seniors to use the equity they’ve accumulated in their homes to borrow money. For as long as the reverse mortgage is outstanding, no monthly mortgage payments are required. The loan matures when the borrower no longer occupies the home as a primary residence.

Homeowners who are 62 years and older can qualify. There are no income qualifications because the size of the reverse mortgage depends upon the applicant’s age, home value, and current interest rates. Homeowners may be eligible even if a first or second mortgage exists.

Please call us at 888-273-9500 for details about this new program.

NOTICE OF CHANGES IN TEMPORARY FDIC INSURANCE COVERAGE FOR TRANSACTION ACCOUNTS
All funds in a "noninterest-bearing transaction account" are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC's general deposit insurance rules.
The term "noninterest-bearing transaction account" includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It also includes Interest on Lawyers Trust Accounts ("IOLTAs"). It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts, and money-market deposit accounts.
For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov.