Our Reverse Mortgage Specialist, Karen Stearns is here to help you understand all of your financing options and steps necessary to pursue a reverse mortgage. Karen's goal is to provide education on all programs available in order to find the right solution based on the borrower's specific needs. With over 25 years of banking experience, Karen continues to enjoy helping people attain their financial goals. According to Karen, the loan interview process is "an investment in time used to help our borrowers fully understand all options in order to make an informed decision." The reverse mortgage is one of many options available.
Karen Stearns
Assistant Vice President
Reverse Mortgage Specialist
Phone: 860-448-4142
Email:
A reverse mortgage is a financial tool that turns your home equity into cash that can be used for any purpose. It is a special type of home loan available to homeowners age 62 or older. Unlike a traditional home mortgage or equity loan, you do not make monthly loan payments with a reverse mortgage. No repayment is due as long as you still live in your home as your primary residence, continue to pay required property taxes and homeowners insurance, and maintain the home according to FHA requirements.
You may use your home's value to:
• Supplement your income.
• Eliminate your house payment.
• Buy a new car or a vacation home.
• Set up a Line of Credit for unexpected expenses - Practically anything!Benefits:
• You retain the title to your home. You may sell the home at any time.
• You can remain in your home for as long as you like.
• No payments for as long as you occupy the home.
• The money is tax-free.* (*You are encouraged to speak with your tax advisor.)
• The money may be used for any purpose.
• Our reverse mortgage programs are insured so your payments are guaranteed.
Is a Reverse Mortgage
right for you?
Click here for a useful calculator
to help you weigh your options!
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