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A Reverse Equity Loan from First Midwest could help you achieve your retirement goals and give you the financial security you need to fully enjoy your retirement years.
A Reverse Equity Loan is a financial alternative that will turn the equity you’ve built up in your home into cash. With this loan you don't make monthly payments. Instead, a Reverse Equity Loan pays you.
At First Midwest Bank we offer two Reverse Equity Loan products: The Home Equity Conversion Mortgage (HECM), available through the Federal Housing Administration and the HomeKeeper® Reverse Mortgage, available through Fannie Mae, a private company chartered by the U.S. government.
With a First Midwest Reverse Equity Loan:
You do not have to repay the loan as long as you live in your home.
There are no monthly payments. Reverse Equity Loans require no payment from you until you sell your home or it passes to your estate.
Qualification is easy.
Income is often tax free.
Income and credit verification are not required.
A Reverse Equity Loan is easily attainable when:
The youngest borrower is at least 62 years of age.
The home is occupied as your primary residence.
You attend a free counseling session with an approved counseling agency. Your family members and friends are encouraged to attend this session with you.
Free Consultation:
To find out what your new income could be, send an email to a Reverse Equity Loan Program Specialist by simply clicking on the region most appropriate for you below. Or call toll-free 1-800-241-1749 to speak to a Reverse Equity Loan Program Specialist today.
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