CT Reverse Mortgages from BCI Financial

Providing Reverse Mortgages in Connecticut & Southern New England

Contact a CT Reverse Mortgage Specialist

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 access a reverse mortgage either with a lump sum, a monthly payment 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. 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. Title to the home always stays in your name and you can do whatever you want with the money from a reverse mortgage. Contact a Reverse Mortgage Specialist 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. The reason for this is more and more seniors and their families are educating themselves 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!

If you have or are considering long term care insurance, Connecticut customers have added incentive to consider a reverse mortgage because of the unique program run by the Connecticut Partnership for Long-Term Care which adds incentives for purchasing long term care insurance. For more information click here.

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 a Reverse Mortgage Specialist to find the right type of Reverse Mortgage for your situation.

Every Reverse Mortgage from CT-Loans is:

• Available for individuals homeowner 62 years old or older
• No income or credit qualification
• No monthly payments are required
• Delivers tax free monthly income (consult your Tax Advisor)
• Allows homeowner to live in their home
• Title to the home remains in the homeowners name
• Available even if your home is in certain types of trusts
• Available if you have ‘ deeded life use’ of the place where you currently reside

While most reverse mortgages are variable rates, we do 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. 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:

• You plan to sell your home in the near future
• You only need a small amount of money for a specific project

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 us today for an in home appointment, with no obligation.

 

Reverse Mortgage Consultants

Staff Member	Title	Extension	Email
Ken Penfield	VP/Manager	x427	Email Now
Ron Klein	RM Specialist	x439	Email Now
Jessica Penfield	RM Specialist	x423	Email Now
John Nedosko	RM Specialist	x447	Email Now