Reverse Mortgages at Liberty

Reverse Mortgages

Home Equity Conversion Mortgages (HECMs)—commonly called Reverse Mortgages—are home-secured loans exclusively for homeowners and homebuyers age 62 and older. A HECM loan allows you to borrow against the equity in your home to get funds you can use today. 

  • Pay off an existing mortgage.
  • Postpone tapping into your savings.
  • Delay taking your Social Security payments to maximize your monthly benefits.
  • Create a rainy day fund.

Liberty Bank offers a Low-Cost HECM.

All the benefits of a reverse mortgage with substantially reduced closing costs. The low-cost HECM is a great way to take advantage of the traditional benefits of a reverse mortgage, while saving you thousands of dollars in closing costs. You can take your funds as a lump sum, line of credit, monthly advance or a combination of these.1 

How does a HECM work?

A HECM does not require monthly payments of principal and interest. As long as you meet your loan obligations, a HECM doesn’t need to be repaid until you sell the home or it’s no longer your primary residence.

In most cases, the money you receive is not considered taxable income, and won’t affect your Social Security or Medicare benefits. As always, you should contact your tax, financial, or benefits specialist about your individual situation.

Who can apply for a HECM?

Any homeowner age 62 or older, with a home that’s paid off or with sufficient home equity, can apply for a HECM. Your home must be your principal residence and meet U.S. Department of Housing and Urban Development (HUD) standards. We can help you determine if a HECM is right for you and if your home qualifies.

Let’s get the conversation going. You start.

Contact our Reverse Mortgage specialist Rick Kalnins at (203) 695-5665.
NMLS #452757

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1 Borrowers who elect a fixed-rate loan will receive a single disbursement lump sum payment. Other payment options are available only for adjustable rate mortgages.

This material has not been reviewed, approved or issued by HUD, FHA or any government agency. 

Liberty Bank NMLS #459028

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