Reverse Mortgages

Reverse Mortgage from First Midwest can help you achieve your retirement goals and give you the financial security you need to fully enjoy your retirement years. 

It's a powerful borrowing alternative that will turn the equity in your home into cash. The funds can be used for any reason your desire:

  • Daily living expenses
  • Home repairs
  • Medical or unplanned expenses

A First Midwest Reverse Mortgage requires no payment from you until you sell your home, or it passes to your estate.

Reverse Mortgage advantages include:

  • No monthly payments
  • Tax-free supplement to Retirement Income
  •  Maintain full ownership, rights, and title of your home

How to qualify for a Reverse Mortgage

  • Must be at least 62 years of age
  • Live in the home as your primary residence
  • Attend a counseling session with an approved counselor

Before you decide:

  • Consult with your children, relatives, and qualified financial advisors throughout the decision making process.
  • A reverse mortgage could impact eligibility of some government programs or benefits
  • Property insurance, payment of property taxes, and property maintenance is required or could result in foreclosure or loss of the home
  • There is an increased likelihood that younger borrowers, compared to older borrowers, may outlive their loan funds
  • Reverse mortgages are loans with fees, compounding interest, and repayment terms like other loans

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