Are you looking to tap into your home equity to supplement your retirement income, pay bills or healthcare expenses, or just enjoy life? At the same time, you want to stay in your home and can’t afford any monthly loan payments. What can you do? The solution may be a Reverse Mortgage.

Why we’re different:

When it comes to reverse mortgages, Bank of Commerce Mortgage has access to several programs offered by various lenders. As a broker, we can assess the nuances of your particular situation and tailor a solution to meet your unique needs. We also offer the Nestworth home loan product, for high net worth applicants and reverse mortgage loans up to $6 million.

A reverse mortgage is a unique mortgage tool designed for seniors 62 years of age and older. Based upon the equity in your home, you can receive additional tax-free income for life. Essentially, it is the “reverse” of a typical mortgage (where you make monthly payments). Instead, a reverse mortgage is a loan that pays you. You can use the cash payment(s) in any way you want. The loan is repaid ONLY when you either sell your home or no longer live there as your principal residence.

The FACTS about Reverse Mortgages:

• For homeowners 62 years of age and older
• Only your principal residence is eligible
• Allows seniors to access a portion of the equity in their home
• Loan amount depends on the property value, interest rates and the youngest borrower’s age
• NO monthly mortgage payments
• NO income, credit or medical qualifications
• Loan origination and closing costs may be financed into the loan
• The loan is repaid when the last borrower dies or permanently leaves the property
• HUD Counseling is required
• Many retirees use Reverse Mortgages
• Did you know you can also purchase a home with a reverse mortgage?

The BENEFITS of Reverse Mortgages:

• Borrower(s) maintain title and ownership of their home
• Tax-free proceeds are paid as a lump sum, monthly payment, line of credit or combination – and do not affect Social Security or Medicare
• Generate additional monthly income
• Pay-off existing liens/mortgages to prevent foreclosure
• Creates a cash reserve for emergencies or special needs
• Proceeds can be used for estate planning and wealth management
• Can allow a senior to purchase a new home with no mortgage
• Peace of mind: FHA insured reverse mortgages are fully guaranteed

We’re committed to helping seniors secure their financial independence.

Choosing a Reverse Mortgage is a major decision. It is important to work with an experienced loan officer, who can help assess your unique financial situation to determine if a reverse mortgage is right for you. Bank of Commerce Mortgage can help you through the entire process. Since 1994, we have funded tens of thousands of home loans. Put us to work for you today!

For more information or to talk to a Loan Officer, please call us TOLL FREE: 1-888-488-7899

Note: FHA Reverse Mortgages or Home Equity Conversion Mortgages (HECM) feature a number of guarantees and protections that are part of the FHA (Federal Housing Administration) Insurance.

FHA insurance provides protection and peace of mind for the borrower(s) and their children. For more information, visit: www.HUD.gov