WHAT?!?  NO PAYMENTS?!?  That's right!  Your credit union is proud to offer a new and exciting mortgage product called a REVERSE MORTGAGE! 

What exactly is a reverse mortgage?  A reverse mortgage is a product designed for homeowners age 62+ that turns the equity in your home into cash that can be used for any purpose.  Enjoy liftetime use of your home without the monthly payments!

How can you qualify?  You and any co-borrower must be at least 62 and own a home that is your primary residence.  It does not have to be paid off to qualify.  There are no income requirements or credit restrictions.  Loan amounts are capped based on the loan type and the county you live in.

How is the Reverse Mortgage paid back?  The Reverse Mortgage must be repaid when you permanently leave the residence or sell the property.  In the event you pass on, your estate has the chjoice of keeping the house by refinancing the loan with a conventional mortgage or selling the house and using the proceeds to payoff the reverse mortgage.

How much money can you get?  It depends on upon several factors such as the age of the borrowers, the value of the home, current interest rates, the program you select and the maximum lending limit in your area.

How can you receive the money?  Several options are available.  You can receive a lump sum payout, monthly payments for as long as you live in the home, monthly paymetns for a fixed number of years, a line of credit you can draw on or any combination of the above!

"Okay.  Sounds good.  But what are the costs?"  Closing costs and fees are the same as for conventional loans with the addition of a fee for the FHA Insurance that makes this mortgage a safe product.  All closing costs can be funded through the Reverse Mortgage so the only out of pocket expense is the house appraisal.

How can you learn more?  Simply contact the credit union for general questions, visit www.ctreversemortgage.com or call BCI Financial Mortgage Corporation toll free at 866-REV-1411 ext. 427 (866-738-1411).