A Perfect Time to Think about a Reverse Mortgage
Many people are suffering with the current condition of the economy, and this includes the country’s senior citizens. Seniors are struggling to finance living expenses, home improvements and even health care. Sevier County Bank will provide an option to these seniors that they may have not thought about, a Reverse Mortgage.
On Wednesday, February 17, from 9:00 a.m. to 4:00 p.m., Sid Parrott, a Reverse Mortgage specialist, will be available to Sevier County Bank customers at the Main Branch to discuss this Reverse Mortgage option. Parrott is a Reverse Mortgage specialist with Mortgage South, a Chattanooga-based mortgage company responsible for closing the first Reverse Mortgage in Tennessee.
“We are always looking for new and different ways to help our customers, especially during these difficult times,” says R. B. Summitt II, Sevier County Bank President. “Reverse Mortgages are a valid option and can really help our senior citizen customers who may want to use their home’s equity to improve or maintain their overall lifestyle.”
A Reverse Mortgage is only available to older homeowners (62+), enabling them to convert the equity in their home to cash so they may finance other immediate expenses. This allows them to maintain or improve their standard of living without taking on a monthly mortgage payment. With a Reverse Mortgage, payments are made by the lender to the borrower, rather than monthly repayments by the borrower to the lender.
Reverse Mortgages are different from a home equity loan or line of credit, which many banks and thrifts offer. They are limited to borrowers 62 years or older who own their home free and clear of debt or nearly so, and the home is free of tax liens. Additionally, seniors are not required to meet income or credit requirements to qualify for a Reverse Mortgage.
For more information about the Sevier County Bank Reverse Mortgage Program, please visit our website at www.SevierCountyBank.com
Home Equity Conversion Mortgage FAQ's
National Reverse Mortgage Lender's Association FAQ's
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