Homeowners can move forward by going in reverse
If you're 62 or older and own a home, you and your heirs could benefit from a Sacramento Credit Union (SCU) Reverse Mortgage. You'll receive payments for the value of your home with no repayment necessary for as long as you live there. It's a good option for people who want to cover monthly expenses as they transition out of their home.
Utilize your home's equity as cash or a line of credit:
With SCU's Reverse Mortgage, we'll make payments to you based on a percentage of the value in your home. Meanwhile, you keep title to your home, and you're charged interest only on the funds you receive. In a Reverse Mortgage, you're still responsible for paying property taxes, insurance and maintenance costs.
- Receive tax-free funds as lump-sum cash, line of credit, monthly cash advances or a combination of options
- Fixed and variable interest rates available
- Financial assessments occur monthly to ensure you have enough money to pay ongoing costs
- Lender sells the home when you move or pass away
- Any equity left after lender fees goes to you or your heirs
- If you receive more payments than your home is worth, you'll never owe more than the value of the home
- Insured by the federal government to protect you and your heirs