Flanagan State Bank Mortgage Division
Reverse Mortgages
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Reverse Mortgages

Reverse Mortgages

We offer FHA-insured Reverse Mortgage (HECM) Loans for seniors looking to benefit from their home equity in retirement. Reverse Mortgage Loans can be misunderstood, so contact us for more information on the many advantages of this product.

What is a reverse mortgage?

A reverse mortgage is a special type of loan for homeowners who are 62+ and have enough equity in their homes to borrow against it and receive either a lump sum, fixed monthly payment, or line of credit to support their financial needs in retirement.

Unlike with other types of home loans, the balance on a reverse mortgage doesn’t need to be paid until the borrower dies, sells the home, or moves away permanently. Borrowers are also protected by federal regulations stipulating that the loan amount can’t exceed the value of your home.

Why get a reverse mortgage?

The advantages of reverse mortgages include:

  • Convert equity into a cash income
  • Federally insured
  • Choose between a lump sum, monthly payments, or a line of credit

Contact us to learn more about reverse mortgages!

If you’re interested in a reverse mortgage, work with a local lender you can trust—contact your nearest location to learn more!