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Loans and Mortgages

Reverse Mortgage

Loans and Mortgages

Significant changes to the reverse mortgage program are expected in the next couple of months which may: 

  • Limit your ability to qualify for a reverse mortgage
  • Reduce the funds you may receive upfront
We encourage you to contact one of our licensed advisors at 800.527.1017   to learn more about these changes and to complete a loan application under the current program structure. 

Potential Changes to the Home Equity Conversion Mortgage (HECM) Program
On July 30, Congress approved the Reverse Mortgage Stabilization Act of 2013. As a result, the Department of Housing and Urban Development (HUD) requirements may tighten as follows:
  • Applicants’ eligibility may be determined by their ability to pay taxes and insurance
  • Borrowers may be restricted on the amount of money they can receive up front 
  • Borrowers may be required to set aside funds for taxes and insurance payments
These changes are expected to be implemented within the next couple of months, although HUD has not yet set a start date.

Now is the time to move forward with a reverse mortgage loan to ensure you’re locked into the current program structure. 
Call 800.527.1017 during business hours to speak with a Reverse Mortgage Advisor Today!


A Reverse Mortgage is a special loan that enables you to convert the equity in your home into cash without a monthly payment obligation. Instead of continuing to make mortgage payments, you get paid back the money (equity) you already have in it. Your age, the appraised value of your home and the current interest rate will determine how much money you can receive. The payment options are very flexible and designed to meet your individual needs. No repayment is required until the surviving borrower sells the home, moves or passes away.

The benefits of a Reverse Mortgage include:

  • Retain ownership (title) of your home; this is guaranteed as long as you maintain your home, and pay insurance and real estate taxes
  • Receive tax-free income from the cash disbursements
  • Choose a cash flow plan tailored to your needs
  • No loan repayment for as long as you live in your home
  • Will not affect Social Security or Medicare benefits

Am I eligible for a Reverse Mortgage?

Eligibility is simple - there are no income, employment, or credit requirements.

  • All homeowners must be over the age of 62
  • The home must be occupied as your primary residence
  • Your home can have an outstanding mortgage balance as long as it is paid off by the Reverse Mortgage
  • Houses, town homes, condominium units, and planned unit developments (PUDs) are eligible (there are rare exceptions)
  • Requires independent counseling

What can a Reverse Mortgage be used for?

How you decide to use the funds from your Reverse Mortgage is up to you. Some of the most popular uses of Reverse Mortgage funds include...

  • Supplement retirement income
  • Healthcare costs
  • Home repair & improvements
  • Pay property taxes
  • Daily expenses
  • Eliminate expenses & other debt
  • Travel

We're here to help.

Learning about the benefits, advantages and costs is very important before applying for a Reverse Mortgage. Because they have unique features, it is important for you to get a clear understanding of how they work. Also, be sure to talk to your family and trusted advisors before moving forward with a Reverse Mortgage.

Contact one of our Lending Specialists today. They will provide you with a personal consultation to answer your questions and provide the information you need to decide if a Reverse Mortgage is right for you.


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For first-time login to CentralNet, use the password you selected when you opened your account.

If you do not have a password or have forgotten it, call 508-842-7400 or 800-527-1017.


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