Reverse Mortgages

A reverse mortgage is a loan that allows seniors to use the equity they have accumulated in their homes over the years to improve their quality of life and knock down the financial barriers to independent living. By converting equity to income, a reverse mortgage is a way to stay in your home and receive cash to use for almost any purpose – whether it’s day to day living expenses, home remodeling or repair, paying off existing debt, earning a college degree, or traveling the world. Best of all, you retain the title and you remain living in your home.

Homeowners who are at least 62 years and older can qualify and may be eligible even if there is an existing first or second mortgage. For as long as a reverse mortgage is outstanding, no monthly mortgage payments are due. The loan matures when the borrower no longer occupies the home as a primary residence.

Your home is one of the biggest financial commitments you make. It represents one of our biggest and often overlooked sources of extra income. Planters Bank will be happy to meet with you at your convenience to discuss your needs. The first meeting with a prospective client takes about an hour to gather facts and get to know one another. It will be an hour well spent.