A reverse mortgage allows seniors to use the equity in their homes to create cash for various reasons, including supplementing social security or other retirement income.

The U.S. Department of Housing and Urban Development (HUD) has an article called the Top Ten Things to Know if You're Interested in a Reverse Mortgage.

AARP also offers lots of information, including Exploring Reverse Mortgages: A Consumers' Guide.

Senior BofI offers reverse mortgages. You can get more information about them at our Reverse Mortgage page and, as always, don’t hesitate to contact us with questions.

Labels: reverse mortgage, senior banking

Would a reverse mortgage make sense for you? It depends. Essentially, a reverse mortgage is a way to use the equity in your home for living expenses today and tomorrow, without making payments on the money you barrow. That’s because the money isn’t due until you die, move, or sell the home.

Done properly, it can be an outstanding way to help fund your retirement.

AARP offers an excellent overview of reverse mortgages, including eligibility and a calculator to help you determine how much money you might receive.

Senior BofI offers reverse mortgages. You can get more information and contact us about them at our Reverse Mortgage page.

Labels: online banking, reverse mortgage, senior banking, seniors

Senior BofI offers a wide variety of loan options, including:

• Home loans

• Loans for apartments

• Commercial real estate

• Home equity

• Reverse mortgages

• Overdraft protection

• Credit cards

You can get the information you need about our loan programs at our Loan Center. Feel free to contact us with any questions you might have.

Labels: commercial real estate, home loans, loans, online banking, reverse mortgage, senior interenet banking