For the retirement you’ve earned
Enjoy the best of both worlds. With a Reverse Mortgage from First National Bancorp LLC you’ll find a partner that can put the equity you’ve earned in your property to work for your future, allowing you to enjoy retirement in the place you call home.
Let Your Home’s Worth Take You Further
Traditionally known as a reverse mortgage or Home Equity Conversion Mortgage (HECM), a Reverse Mortgage is a federally insured home loan that allows you to eliminate monthly mortgage payments (except for taxes and insurance) and convert part of your home’s equity into cash.
Federally Insured, Federally Regulated
The Reverse Mortgage represents the safest and most popular HECM mortgage on the market – a Federal Housing Administration (FHA) HECM – which is federally insured and regulated by the FHA to protect homeowners and their heirs.
What You Need To Know
- The proceeds from a Reverse Mortgage generally are not subject to income tax or capital gains because you’re not selling your home. The homeowner retains full ownership and there are no restrictions on the use of the proceeds. The mortgage does not affect Social Security benefits.
- Homeownership obligations and rights (e.g. taxes, insurance, upkeep, etc.) do not change. You can sell, remodel or add-on at any time after the closing of your loan.
- When none of the borrowers are remaining in the home, the loan is due. You, your family or your estate can sell the house and pay off the debt, just like any other loan on the property.
- A government-insured, strategic financial tool
- Allows you to unlock the idle equity sitting in your home
- We work with your trusted team of advisors to find the right solution
- Helps you maintain your lifestyle throughout retirement
- Popular among homeowners 62 and over
To learn more about a Reverse Mortgage, call 614-792-5626 to speak with one of our expert mortgage bankers.Apply Now