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Reverse Mortgage Program

 

There are many reasons why you invested in a home: security, stability, quality of life and the benefits of accruing equity. As you reach retirement age you may be able to use some of the equity you have earned to help build your nest egg. Colonial American Bank is pleased to announce the addition of the Reverse Mortgage Program to our mortgage product line. This innovative product allows the homeowner to pay off their existing mortgage or any other debts utilizing your home’s equity. 

Highlights of the program include:

  • You keep ownership of your home (the bank will not own your home)
  • Retire without further monthly mortgage payment obligations
  • Select how you want to receive your equity income (never taxed – no risk of not receiving the funds – select between credit line, lump sum, monthly income for life)
  • Any current or future equity belongs to you.  (if your home increases in value, that is your equity)
  • The home can be left for your family – and if the home decreases in value they will not be responsible to pay back the outstanding debt  (they can either keep the home or walk away)

If you are at least 62 years of age and own your own home this may be the program for you.  Feel free to call us at 732-245-5121 or email Jim Brown with any questions you may have or to begin the application process.

 

Jim Brown - NMLS #203935
Colonial American Bank – NMLS #405566