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Reverse Mortgage

A Reverse Mortgage1 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
  • Eliminates any existing mortgage
  • Proceeds may be tax-free2
  • Interest rates may be lower than other options
  • A Reverse Mortgage may also be used to purchase a new primary residence

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
  • 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

Talk to our lending experts to learn more today. You’ve got a plan for retirement – Let’s make it happen!

Get Started

 

1 A Reverse Mortgage is a loan that must be repaid and fees may be higher than with a traditional mortgage. Borrower must be over 62 years of age and live in their home as their primary residence. When you no longer live in the home, the loan balance becomes due and payable by the borrower or borrower's heirs and the balance may be greater than the current value of the home. Value of estate inheritance may decrease over time as proceeds are disbursed. Borrower continues to be responsible for certain ongoing costs such as property taxes, insurance, and general maintenance and failure to pay these could result in foreclosure. Failure to live in the home for a period longer than allowed by the loan agreement may also result in foreclosure.

2 Consult your tax advisor about your personal situation. 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.

 

For general inquiries contact us at:
800 222 3230 | customerservice@ashevillesavingsbank.com | PO Box 652, Asheville, NC 28802

Copyright 2017. First Bank is doing business as Asheville Savings Bank until March 16, 2018.