Reverse mortgages are now gaining a lot of attention as a viable option for retirement income.
Reverse mortgage loans are one of the most misunderstood financial products in existence.
One of the most common misconceptions is that the bank will own your home if you take out a reverse mortgage, says Reza Jahangiri, chief executive officer at the American Advisors Group in Orange, California. In actuality, with a reverse mortgage loan, borrowers retain ownership of their home, as long as they stay current on their property taxes, homeowner's insurance and otherwise comply with the loan terms.
A Reverse Mortgage is a loan secured by the equity in a person's primary residence.
Among the many benefits of Reverse Mortgages:
- They can be utilized as part of a retirement strategy
- They can be used to supplement a person's retirement income
- The purchaser of a Reverse Mortgage remains the owner of the home
- There are no monthly mortgage payments
CPFCU'S Reverse Mortgages are handled by First Chicago Mortgage Services, a wholly owned subsidiary of CPFCU.
If you are interested in learning more about this program, please contact First Chicago CEO, John Aretos by phone, at 312.499.8878; or by email.