Introduction to Reverse Mortgages

Many homeowners have found that a reverse mortgage is a great way for them to take advantage of the equity they have built up in their homes.

A reverse mortgage is different than a traditional mortgage. With a traditional mortgage you make monthly mortgage payments, but with a reverse mortgage the lenders pays you money through monthly installments or a one-time lump sum payment. The money that you receive is dependent on your age and the value of your home.

One of the great advantages of a reverse mortgage is that you are not required to pay the loan back until the home is no longer your primary residence For more information on when a reverse mortgage comes due click here. Another great feature of a reverse mortgage is you can never owe more than the value of your home. No matter what.

If you’re aged 62 or older and own your home you might be eligible for a reverse mortgage. Contact us to find out more about reverse mortgages and ways to make it work for you, or apply now and start the process of tapping the equity in your home.

Check out these pages for more information about reverse mortgages.

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Required Documents

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Disclaimer:
Prime 1 Bancorp, Ltd is not affiliated with any government organization or bank nor do we act on behalf of the FHA or VA. We are not a Federally chartered or State Chartered Bank. We are an we are an Illinois Residential Mortgage Licensee by the Office of Banks and Real Estate License #MB.6761138, a Colorado Registered Mortgage Brokerage by Division of Real Estate, a Florida Residential Mortgage Brokerage Licensed by the Office of Financial Regulation License #MBR1930 dba Prime 1 Bancorp Ltd, Inc, a California CFL Licensed Mortgage Brokerage by Department of Business Oversights 60DB055973 and an Alaska Licensed Mortgage Brokerage by the Division of Banking and Securities AK1434638-1 dba Prime 1 Mortgage . Prime 1 Bancorp, LTD Corporate Office is located at 2720 S. River Rd Suite 50, Des Plaines, IL 60018 our Toll Free Number is 888-205-3737.

Loan product availability is subject to qualification of the borrower and loan approval after full review of the file. Not every applicant qualifies or is eligible for every loan program. Some loan products may not be available in all states. Loan approval, note rate and annual percentage rate are dependent on factors including, but not limited to, credit, collateral, income, assets and overall financial history. Not all applicants will be approved for a loan. All loan programs, terms and annual interest rates are subject to change without notice. NMLS: 1434638