Grow your savings while giving back to your community
Grow your savings while giving back to your community
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Reverse mortgages are designed to help homeowners age 62 and older turn a portion of their home’s value into accessible funds while continuing to live in their home.
With no required monthly mortgage payments and flexible payout options, a reverse mortgage can provide additional financial flexibility in retirement.
A reverse mortgage is a loan designed for homeowners age 62 and older that allows them to convert a portion of their home’s value into cash while continuing to live in their home.
Instead of making monthly mortgage payments, the loan balance increases over time as funds are used. This can provide additional financial flexibility without adding a monthly payment.
The loan is repaid when the last surviving borrower sells the home, passes away, or no longer occupies the home as their primary residence.
Throughout the life of the loan, the homeowner retains ownership of the property and can continue living in the home, as long as ongoing responsibilities such as property taxes, insurance, and maintenance are met.
A reverse mortgage may be a helpful option for homeowners looking to access a portion of their home’s value while remaining in their home.
It may be a good fit if:
Reverse mortgages are designed to provide financial flexibility in retirement, especially for homeowners who want to use their equity to support ongoing expenses or long-term plans.
Reverse mortgages are backed by the Federal Housing Administration (FHA) and are designed for homeowners age 62 and older.
Instead of making monthly principal and interest mortgage payments, borrowers receive funds based on a percentage of the home’s value and the age of the youngest borrower. As funds are accessed and interest accrues, the loan balance increases over time.
Borrowers can continue living in the home and retain ownership, as long as they meet ongoing obligations such as paying property taxes, insurance, and maintaining the home.
The reverse mortgage is repaid when the last surviving borrower sells the home, passes away, or no longer occupies the home as their primary residence.
Reverse mortgages are designed to provide financial flexibility for homeowners in retirement while allowing them to remain in their home.
They may be used in a variety of ways, such as refinancing an existing mortgage, increasing monthly cash flow, covering expenses like healthcare or home updates, or supporting broader financial planning goals.
Reverse mortgages follow specific guidelines to ensure the program is used appropriately and that borrowers are positioned for long term success.
The reverse mortgage process is designed to ensure borrowers fully understand the loan and feel confident in their decision.
Whether looking to improve cash flow, cover expenses, or stay in a home long term, borrowers can expect a thoughtful and personalized experience. With local lenders who understand the Wisconsin and Minnesota communities, Forward Bank is here to help homeowners move forward with clarity and confidence.
We’re committed to helping our Wisconsin and Minnesota neighbors find their perfect home. Discover our tools and resources, including FAQs and calculators, designed to guide you every step of the way.
Insurance and Investment products are: Not FDIC Insured. May Lose Value. Are Not Financial Institution Guaranteed. Are Not A Deposit. Are Not Insured By Any Federal Government Agency.
