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Reverse Mortgages

Recent article about Reverse Mortgages.

A Reverse Mortgage enables homeowners 62 years of age or older to supplement their retirement income with tax-free cash. With a Reverse Mortgage, you don't make payments - you receive them, it's the perfect mortgage for people on a fixed income. This type of loan is not due or payable as long as you occupy your home as your primary residence.

There are many benefits, including:

• Proceeds are tax-free.
• No monthly mortgage payments are required.
• You can use the cash any way you choose.
• You can continue to own your own home.
• There are no income qualifications.

To qualify for a Reverse Mortgage you must:

• Be at least 62 years of age.
• Occupy your home as your primary residence.
• Own your home free of debt or have a small mortgage balance remaining.

The amount of money you receive is based on your age and your home's current market value. The funds are available for any purpose you choose, such as:

• Home improvements/repairs
• Travel
• Medical expenses
• Investments
• Debt repayment
• Automobiles
• A second home or condominium
• College fund
• Increasing your monthly cash flow

If you're 62 or older you may qualify.  Approval is subject to age and property qualifications.  Terms, fees and conditions may apply.  Homeowners Insurance is required. 

Kathy Corbine
Reverse Mortgage Specialist
 

Kathy Corbine is our Reverse Mortgage Specialist at Putnam Bank. Ms. Corbine joined the Bank in 1999, bringing over 15 years of banking experience to her position. Kathy resides in Danielson.

In her position as Reverse Mortgage Specialist, Kathy is responsible for the Reverse Mortgage Program at Putnam Bank. She understands how difficult it is for people living on fixed incomes to make ends meet. Kathy gives you the personal touch you deserve. She is always available to meet with you or your family to answer questions about Reverse Mortgages at a time and location that is convenient for you. If you have any questions or concerns, you can simply call Kathy. She will be with you from application to closing and beyond. Give Kathy a call today!

To contact Kathy, email her, or call 860-963-4953 x 3011. 

Click here to calculate your Reverse Mortgage benefit options.

Click here to learn about the National Reverse Mortgage Lenders Association (NRMLA).