What is a Maine Reverse Mortgage Loan and who is eligible?
Turn your home’s equity into cash.
A reverse mortgage is a specific type of loan which allows homeowners to turn the equity in their home into cash. The homeowner can choose exactly how they receive their money, whether it be a lump sum, line of credit or monthly check — or even a combination of all these options.
Flexible & affordable — no payments due while you live in your home.
While the homeowner lives in their home, there are no payments due. The balance of the loan will increase with time and is fulfilled once the homeowner leaves the home permanently. It’s important to note that homeowners also have the ability to pay off some, or the entire balance of their reverse mortgage at any time without penalty — making it an attractive and flexible financing option.