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Connecticut Reverse Mortgages

Our staff of experienced Reverse Mortgage specialists are among the best in Connecticut

 

Reverse Mortgages are unique loans designed for individuals or couples who have accumulated equity in their homes and want to access that equity. You can receive your Reverse Mortgage loan either as a lump sum, through regular monthly payments sent directly to you, or as a line of credit. It is very common for people to pay off current mortgages or equity credit lines with their Reverse Mortgages, thus eliminating that monthly debt. See our Reverse Mortgage Chart to compare many of the options available when choosing a Reverse Mortgage.

The traditional Reverse Mortgage product is for anyone who is over 62 years old. We do not consider your credit when we take out a Reverse Mortgage. No monthly payments are required, and the Reverse Mortgage only needs to be paid off when you leave the house permanently.

The tax advantage of a Reverse Mortgage is also a major consideration. Since you are using you own money from the equity you built in your home, there is no income tax owed on the proceeds. (Consult your tax advisor)

Any senior who really wants to stay in their home should consider a Reverse Mortgage. The title to the home will always stay in your name—and you can do whatever you want with the money from a Reverse Mortgage. When you are ready, our Reverse Mortgage specialists will be here to discuss all the benefits of a Reverse Mortgage.

The number of Reverse Mortgage loans made throughout the United States is increasing at a dramatic rate. This is because more and more seniors and their families are learning about the benefits of a Reverse Mortgage and deciding that it is the best solution for them. The question you may be asking yourself is, "Is a Reverse Mortgage right for me?" or "Is a Reverse Mortgage right for my parents or older relatives?" Before you can answer either of those questions, you need to get all the facts and, for that, you've come to the right place!

An added incentive: If you have been or are considering long term care insurance and are a resident of Connecticut, you have an added incentive to consider a Reverse Mortgage because of Connecticut's unique Partnership for Long-Term Care program. Learn more about the benefits of this program on the CT.Gov website.

There are many different types of Reverse Mortgages for every situation. BCI can accommodate every type of Reverse Mortgage, but the most common type is the Home Equity Conversion Mortgage (HECM), which is insured by the federal government. Contact one of our Reverse Mortgage specialists to find the right type of Reverse Mortgage for your situation. You can also check our Reverse Mortgage Chart to review the options available when choosing a Reverse Mortgage.

Every Reverse Mortgage from BCI is:

Fixed and Variable Rates: While most Reverse Mortgages have variable rates, we also have a fixed-rate product available. It is a great alternative if you are paying off a large mortgage, or have another need for a large amount of the Reverse Mortgage that is available to you. Contact one of our Reverse Mortgage specialists to find out if a fixed-rate Reverse Mortgage is right for you.

There are also some Reverse Mortgages now available for certain circumstances where the borrower only has to be 60 years old.

You should not consider a Reverse Mortgage if the following circumstances apply:

Our staff of Reverse Mortgage specialists are among the best in Connecticut. They understand all of the ramifications of a Reverse Mortgage and will be happy to help you to better understand this life changing product and whether it is right for you.

Contact one of our experienced Reverse Mortgage specialists today for an in free home appointment—with no obligation!

Your BCI Reverse Mortgage Consultants

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Ken Penfield VP/Manager x427 Email Now