A reverse mortgage from Asheville Savings Bank can turn the equity in your home into additional income you can use to help cover things like healthcare, the increasing cost of living, or to more fully enjoy retirement. Connect with one of our mortgage lending experts today to see if a reverse mortgage is right for you.
Benefits of a Reverse Mortgage:
- Provides flexible disbursement options (i.e. one time, monthly or line of credit)
- Homeowner stays in the home without making monthly mortgage payments*
- Eliminate any existing mortgage
- Heirs are not personally liable for paying off the loan
- Proceeds may be tax-free**
- Interest rates may be lower than other options
Important things to consider about a Reverse Mortgage:
- Must be a homeowner 62 years of age or older
- Value of estate inheritance may decrease over time as proceeds are spent
- Fees are comparable to a traditional mortgage
- Although a reverse mortgage loan generally does not affect eligibility for Social Security and Medicare, needs-based government programs such as Medicaid may be affected**
A Reverse Mortgage may also be used to purchase a new primary residence. Talk to our lending experts to learn more today.
You’ve got a plan for retirement – let’s make it happen!
*A Reverse Mortgage is a loan that must be repaid and fees are typically comparable to a traditional mortgage. Homeowner must be 62 years of age or older and live in the home as their primary residence. Borrowers continue to be responsible for certain ongoing costs such as property taxes, insurance, and general maintenance.
**Consult your financial advisor and appropriate government agencies for any effect on taxes or government benefits.