Reverse Mortgages

A Reverse Mortgage from First Midwest can help you achieve your retirement goals and give you the financial security you need to fully enjoy your retirement years. It's a powerful borrowing alternative that will turn the equity in your home into cash – with no monthly payments and a tax-free1 income stream. You do not have to repay the loan as long as you live in your home, and there are no monthly payments. A First Midwest Reverse Mortgage requires no payment from you until you sell your home or it passes to your estate. 

Reverse Mortgage advantages include: 

  • Easy qualification. 
  • Tax-free income. 
To qualify for a reverse mortgage:
  • The youngest borrower is at least 62 years of age.
  • The home is occupied as your primary residence.
  • Borrower(s) must attend a counseling session with an approved counselor. Your family members and friends are highly encouraged to attend this session with you.
Other important information to consider when applying for a reverse mortgage:
  • Reverse mortgages are loans with fees and compounding interest like other loans.
  • Borrowers with a reverse mortgage are still responsible for paying property taxes, homeowner's insurance, and property maintenance. Failing to meet these requirements can trigger a loan default that results in foreclosure.
  • Borrowers should consult a financial advisor and/or appropriate government agency for any effect on taxes or government benefits.
  • Homeowners who obtain a reverse mortgage at age 62 may deplete their home equity and run out of loan proceeds later in life.
 

Get In Touch

To find out what your new income could be, contact one of our Reverse Mortgage Loan Originators.

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