Reverse Mortgages

The PrivateBank is proud to offer Reverse Mortgages - a solution to today's financial challenges facing seniors.

Program Overview

Today's economy has forced many mature adults to look for financial options that will help them maintain their abiltiy to live independently.  Maintaining homeownership status and a comfortable lifestyle is a challenge.  When you consider rising medical, energy home maintenance and real estate tax costs compounded by the rising rate of inflation, continuing to stay in your own home may prove daunting.

The PrivateBank offers a practical solution through the Reverse Mortgage loan program.  This program was specifically designed to address the needs of senior homeowners.  A Reverse Mortgage can provide access to the financial resource that has been built up in the form of your home's equity.  What's more, you need never to make a mortgage payment again!  This important product is now considered by many financial experts to be a key financial tool in your retirement planning.

To be eligible for a Reverse Mortgage, you must:

• Be 62 years of age or more.
• Have substantial equity built up in your home.
• Have a relatively low balance on your mortgage or no mortgage balance.
• Be living in the home.
• Live in a one to four unit dwelling, a condominium unit or a unit in a planned unit development project.

The PrivateBank offers a number of different Reverse Mortgage programs to meet your individual needs.  The costs vary depending on the program and are generally similar to the cost of conventional mortgages - including interest charges, origination fees, closing costs, inspections and insurance.

Let us help you to compare the different Reverse Mortgage options and benefits available to you depending on your particular circumstance.  A Reverse Mortgage is an important financial tool that can help you maintain your homeownership status while enjoying the benefits of your home's equity.