Reverse Mortgages | Summit Club
Establish income and independence
In the past, reverse mortgages were sold by slightly shady characters in late-night infomercials. Thankfully, the times have changed and Financial Partners offers a safe, trustworthy reverse mortgage option that provides a steady income stream, allows you to keep your home, and protects your heirs.
Reverse mortgages (also referred to as Home Equity Conversion Mortgages) are a great option if you’re age 62 or older and your home is paid off. With a reverse mortgage you can convert part of your home equity into cash without selling your home. Unlike traditional mortgages where payments are made to a lender, with a reverse mortgage you receive the payment, and the loan is repaid when the borrower no longer lives in the home. New regulations and consumer protections make reverse mortgages a safer option than ever. Financial Partners is proud to work with Navigator Lending Solutions, a Division of Land Home Financial Services, Inc., that works with our Mortgage team directly and provides you with customer care and support during the loan process.
How Financial Partners Can Help
- Personalized guidance from a representative assigned to you who will review eligibility, benefits, and potential impacts on your financial future.
- Help explore and understand loan options, ensuring you receive solutions that best fit your needs and financial goals.
- Simplified application process by offering clear, step-by-step guidance and dedicated support from start to finish.
- Access to educational materials and workshops so that you are empowered to make informed decisions about reverse mortgages.
- Commitment continues beyond the loan, providing ongoing assistance and guidance to address any questions or concerns.
Find out more about how you can use your house as a source of income by talking to one of our Mortgage Loan Consultants, and look at the FAQs below for additional information.
Reverse Mortgages FAQs
A reverse mortgage is a type of loan available to homeowners 62 years or older. It allows them to convert part of the equity in their home into cash without having to sell the house or make monthly mortgage payments. This uses the value of your home to provide an income stream.
Yes, they are. Recent changes to regulations have addressed many past issues, resulting in lower costs, simplified terms, and better consumer protections. Most reverse mortgages are now structured so the borrower (or their heirs) will never owe more than the home is worth at the time of repayment, even if the loan balance exceeds the home value.
- Additional income: It provides a steady stream of income or a lump sum that can help cover living expenses, healthcare costs, or other financial needs.
- Retain homeownership: Borrowers can continue living in their home without making monthly mortgage payments as long as they maintain their home, carry insurance, and pay their property taxes.
- Flexibility: Funds can be used for any purpose, and borrowers often can receive payments as a lump sum, line of credit, or monthly installments.
You can choose to receive the proceeds as a lump sum, monthly payments, a line of credit, or a combination of these options. Generally, reverse mortgages proceeds are not considered taxable income.
Generally, the proceeds received from a reverse mortgage are not considered taxable income. Please consult your tax advisor for complete information.
Yes, you must own your home, or have a low enough mortgage balance to pay it off with the reverse loan.
Yes, a Home Equity Line of Credit (HELOC) also lets you get cash from the value of your home. A HELOC is a traditional loan that requires a monthly payment. Talk to a Financial Partners Mortgage Loan Consultant to determine which option is right for you.
Navigator Lending Solutions, a Division of Land Home Financial Services, Inc. NMLS#: 1796: Financial Partners Credit Union is not liable for any tax or legal advice provided by Navigator Lending Solutions or its representatives. Users should consult qualified professionals for specific advice in these areas. FPCU is not responsible for decisions made based on information from Navigator Lending Solutions. Engaging with Navigator Lending Solutions is at the user's discretion, and FPCU assumes no liability for any related outcomes.