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Reverse Mortgage

Reverse Mortgage

For borrowers 62 and better
HIGHLIGHTS
  • A reverse mortgage will not affect social security or Medicare benefits

  • Reverse mortgage proceeds are not subject to federal income taxes*

  • Reverse mortgage recipients keep ownership of their home

  • A reverse mortgage may be subject to credit or income qualification

  • A Reverse Mortgage is a FHA loan program

Providing sensible solutions for seniors

A reverse mortgage is a loan that allows a senior homeowner (age 62 and above) to access the cash equity in their home without selling the house or paying additional monthly bills. The money can be used for anything, such as paying for medical needs, daily living expenses, home repairs, travel, or simply enhancing the quality of their retirement years. The amount that you can qualify for depends on age, the current value of the home, and current interest rates. A full or partially funded portion of proceeds may be required for payment of property taxes and insurance. In general, the older you are and the more valuable your home, the more money you’re eligible to receive.

* Please consult your tax advisor regarding tax implications. Talk to a reverse mortgage loan officer. Available for Seniors age 62 and older. Home must be occupied as principal residence, required taxes and insurance paid and make all necessary repairs to avoid deterioration of the property. When the house is sold, the loan, along with any interest and fees, are paid to the lender. Any remaining equity belongs to the heirs. This website has not been reviewed, approved or issued by HUD, FHA or any other governmental agency.

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TowneBank Mortgage is your hometown mortgage company. As a division of TowneBank, we uphold the principles and philosophies that have been established by our hometown traditions. TowneBank Mortgage is dedicated to providing the personal experience that you expect from a hometown lender with the most advanced technology available to offer affordable loans, quick processing and exceptional service.
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NOTICE TO CONSUMERS REGARDING MARYLAND LENDER LICENSEES: TowneBank Mortgage is licensed to engage in business as a Maryland Mortgage Lender and assigned a unique NMLS identifier number: 512138. The NMLS Consumer Access Website is linked here: https://www.nmlsconsumeraccess.org/

Links and content are being provided for informational purposes only. TowneBank Mortgage has no control over any other website and is not able to endorse, guarantee or monitor content, availability, viewpoints, products or services that are offered or expressed on any site other than this one. This is not a commitment to lend.

© 2023 TowneBank Mortgage. All Rights Reserved. 3 Commercial Place, Suite 1200, Norfolk, VA 23510. Phone: (888) 637-1321
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