Reverse Mortgages

If you are a homeowner 62 years or older, a reverse mortgage could be the way to supplement your retirement income.

The Opposite of a Traditional Mortgage…

Taking a loan to buy a home means borrowing a large sum from a bank and paying down that debt to increase equity and wealth in the home. With a reverse mortgage, the opposite is true. Instead of making payments, a reverse mortgage borrower uses equity to gain income. Throughout the life of the loan the balance gets larger while the equity gets smaller.

  • All borrowers must be 62 years and older.
  • No repayment is made until the home is sold or the owner permanently moves out or passes away.
  • You will never owe more than the value of your home.
  • Interest is paid at the time the loan is repaid.
  • When the loan is due, your heirs have choices—they can repay the loan and keep the house or sell the home and repay the loan.
  • Social Security benefits and Medicare are generally not affected by a reverse mortgage—consult your tax advisor.
  • You own your home—the lender does not take control of the title.
  • Interest rates are adjustable and can change periodically; however, this DOES NOT affect the amount you will receive.
  • Closing costs and fees incurred can be financed as part of the loan.

We make it as easy as possible for you to obtain the reverse mortgage that's right for you. Our Reverse Mortgage Specialists are with you every step of the way, helping to customize a loan that meets your unique needs. And because we know these decisions can sometimes be overwhelming, we encourage you to seek the advice and counsel of those that you trust most - your family, friends, attorney, and accountant.

To find out what you may qualify for, click here for the reverse mortgage calculator.

For more information please visit www.reversemortgage.org or contact one of our Reverse Mortgage Specialists.

James A. Stuck
Grand Rapids
616-233-3333
jstuck@macatawabank.com		Jean Hirdes
Holland/Lakeshore
616-393-6291
jhirdes@macatawabank.com 		Peg Sylvester
Grand Rapids – Southeast
616-554-2175
psylvester@macatawabank.com