What is a Reverse Mortgage?
If you or your spouse are 62 or older, a Reverse Mortgage is a financial tool that allows you to convert a portion of your home equity into cash. Unlike traditional mortgages, you receive payments from the lender, and the loan is repaid when you no longer occupy the home.
Benefits of a Reverse Mortgage:
Supplement Your Retirement Income
Enjoy financial flexibility by accessing the equity you've built in your home over the years. Use the funds to supplement your retirement income, cover medical expenses, or fulfill lifelong dreams.
Stay in Your Home
A Reverse Mortgage enables you to stay in the comfort of your home while accessing its value. You retain ownership, and the loan is repaid only when the last borrower permanently leaves the home.
Buy a New Home
A Reverse Mortgage can be used to purchase a new home closer to family or friends.
No Monthly Mortgage Payments
With a Reverse Mortgage, you are not required to make regular payments. Optional payments may be made. The loan is typically repaid when the home is sold or through other means, as outlined in the agreement.
Flexible Disbursement Options
Choose the disbursement option that suits your needs - whether it's a lump sum, monthly payments, or a line of credit. Great Oaks Bank provides tailored solutions to match your unique financial goals.
Our Reverse Mortgages are FHA insured and follow all FHA guidelines., providing an added layer of assurance. These guidelines protect both the borrower and the lender, ensuring a smooth and transparent process.
How to Get Started:
Ready to explore the benefits of a Reverse Mortgage with Great Oaks Bank? Contact our mortgage specialist April Jackson at (912) 445- 6882. She will guide you through the process, answer your questions, and help you make informed decisions about your financial future.
To learn more, visit one of our convenient locations or fill out our online mortgage inquiry form.