Guilford Savings Bank

Kathy Duncan
Reverse Mortgage Specialist

NMLS #844014

203-458-5422 (phone)
203-453-6637 (fax)
kduncan@GSByourbank.com
www.GSB-yourbank.com

REVERSE MORTGAGES FROM GSB

You’ve retired from your job, but the expenses haven’t stopped. To help with debts, living expenses, or medical costs, you might want to consider a reverse mortgage.

Reverse mortgages are designed for homeowners age 62 or older who wish to take advantage of the equity in their home, while occupying it as a primary residence.

Reverse mortgages were conceived as a means to supply funds to retired or soon-to-retire individuals with limited income. Homeowners can use the money they have put into their home to pay off debts such as traditional mortgages, to cover monthly living expenses, or to pay for health care. There are no restrictions on how the money can be used.

Reasons for a reverse mortgage

Unlike a traditional mortgage in which you pay the bank each month, with a reverse mortgage the bank pays you. It helps you take advantage of the appreciated value of your house by serving as a loan that unlocks the equity in your home.

Choose from monthly payments or a line of credit that you can access whenever you need money.
For many, it’s a way to continue to live in your home while paying for the home healthcare you require.
It’s safe, convenient, and there will be no surprises.
The reverse mortgage offered through our reverse mortgage lender, the Home Equity Conversion Mortgage (HECM), is insured by the FHA (Federal Housing Administration).
It’s a secure way to gain access to additional funds, which you may need if you’re living on a limited income.