Reverse Mortgages

Reverse Mortgages
It's very important to us that you feel good about getting a reverse mortgage - not only during the application process, but long after.

Eligibility

• Homeowner must be age 62 or older
• Own your home ( houses and condos qualify )
• No monthly mortgage payments required
• If you have an existing mortgage-you may still qualify.

To learn more about reverse mortgages offered at Hanscom Federal Credit Union or to get started, call us today at 800-656-4328, option 5, ext 2167 and talk with our Reverse Mortgage Specialist.

Hanscom Federal Credit Union
NMLS #410771

All loans subject to property approval. Certain conditions and fees apply. * Program, rates, fees, terms and conditions are not available in all states and are subject to change. 

Common uses of proceeds

• Supplementing retirement income
• Helping to cover monthly expenses
• Paying off debt, like credit card balances
• Paying for medical expenses

Advantages

• You can continue to live in and own your home
• Proceeds are tax-free
• The loan doesn't need to be repaid until the last borrower permanently leaves or sells the home, as long as the terms of the loans are met

More choices available to suit more needs
Home Equity Conversion Mortgages (HECMs) are the most common type of reverse mortgages.

• HECM Savers
• HECM Standard
• HECM for Purchase