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Reverse Mortgages
A Smart Financial Solution
Convert part of the equity in your home into cash without having to sell the home, give up title or take on new monthly mortgage payments. Reverse mortgage proceeds can be used for virtually anything, its up to you:
  • Supplement your retirement income
  • Help fund healthcare costs
  • Retire debts, even an existing mortgage
  • Pay for home repairs or modifications
  • Help prevent foreclosures
  • Cover property taxes
  • Secure a cash reserve for emergencies
Is a Reverse Mortgage Right for You?

We realize that your home is probably the largest asset you own and using its equity in a reverse mortgage requires serious thought. It may not be for everyone; however, a reverse mortgage is all about making the most of the equity that you have acquired. This popular home loan has been helping seniors for more than a decade and is usually supported and encouraged by the seniors adult children.

There are closing costs associated with a reverse mortgage. Appraisal and counseling fees are paid up front, and things like attorney fees, title insurance and FHA insurance premiums, are deducted from the loan proceeds at closing. You may want to consider other options if you plan to stay in your home for only 2 or 3 more years.

Home Equity Conversion Mortgage

The Home Equity Conversion Mortgage (HECM) loan is the oldest and most common reverse mortgage and is an FHA-insured (Federal Housing Administration) program for homeowners age 62 and over.

A unique feature of the HECM loan is the MIP (Mortgage Insurance Premium). This is required by and paid to HUD to insure the mortgagee against losses.

Andrew E. Neighbors, Sr.
Reverse Mortgage Specialist

Direct line: 706-543-2106
EFax (Toll Free): 1-855-263-5420
Have Andrew contact me:
Name:
Phone:
Email:
Message:

Andrew.Neighbors@myfirstcenturybank.com
NMLS ID: 447798

First Century Bank, N.A.
807 Dorsey Street, Gainesville, GA 30501
770-297-8060

www.myFirstCenturyBank.com
NMLS ID: 446785
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