For Questions or To Apply
Call: (800) 94-AMBOY
Email: revmortgage@amboybank.com
or
Visit one of our 22 branch offices.

Reverse Mortgage FAQS

• What is a reverse mortgage?
• How do I qualify for a reverse mortgage?
• How do costs for a reverse mortgage compare among lenders?
• How much can I borrow?
• How does a reverse mortgage differ from a traditional mortgage or home equity loan?
• What choices do I have for receiving the proceeds from my reverse mortgage?
• What if I'm not sure about a reverse mortgage?
• Is there a way I can help my parents stay financially secure?
• How is Amboy's Reverse Mortgage simply better?

What Is a Reverse Mortgage?

If you are age 62 or older, live in and own your home outright or have a remaining mortgage balance, Amboy Bank's reverse mortgage can bring you extra income. You can turn the value of your home into cash without having to move or to repay the loan each month. Instead of making monthly payments, you can choose to receive them. That's the "reverse" part. And, just like a regular mortgage, you are always the owner of your home.

How do I qualify for a reverse mortgage?

To qualify for a reverse mortgage:

• All homeowners must be age 62 or older and occupy the property as their principal residence.
• Your home must be owned free and clear or have an outstanding mortgage balance that can be paid off with the reverse mortgage.
• The property must be a single-family or a two-to-four unit dwelling. (Townhomes, detached homes, condominium units, planned unit developments (PUDs) and some manufactured homes are eligible.)

How are Amboy's costs for a reverse mortgage 60% lower than other lenders?

Amboy offers its own proprietary Reverse Mortgage. The chart below compares Amboy's fees and costs to national programs used by most other lenders. With Amboy's Prime Rate Option, you can save up to 60% on upfront costs.

*Based on age 70 - 41% of home value. **Third party costs include title insurance. Prime interest rate margin: 1.50%. Prime is the highest prime rate as published daily in the Wall Street Journal. Comparisons as of July 2018.

How much can I borrow?

The maximum amount that can be borrowed is based on the age of the youngest homeowner, the appraised value of your home, the current interest rate and if you have a current mortgage. Generally, the more your home is worth, the older you are, and the lower the interest rate, the more you can borrow.

You can receive a FREE customized report with how much you can borrow and payment options. To receive your no obligation report call 1.800.942.6269.

How does a reverse mortgage differ from a traditional mortgage or home equity loan?

A reverse mortgage is the opposite of a traditional mortgage. With a traditional mortgage or home equity loan, you borrow a large amount of money and make monthly payments. A reverse mortgage pays you and is available regardless of your current income or debt-to-income ratio. With a reverse mortgage, you borrow small amounts - monthly or at other intervals -- through a line of credit. Payment is required only once, at the end of the loan, typically when you no longer occupy the home as your principal residence.

What choices do I have for receiving the proceeds from my reverse mortgage?

Regardless of the distribution plan you select, you can adjust your plan as often as you wish to accommodate your changing needs.

• A line of credit line that lets you decide when and how much of your available cash is paid to you.
• Lifetime monthly payments as long as at least one homeowner lives and continues to occupy the property as a principal residence.
• Regular monthly payments for a fixed number of months you select
• Monthly payments with the option to take immediate cash advances against your credit line.
• A single lump sum cash payment

What if I'm not sure about a reverse mortgage?

For your benefit, prior to applying, you will attend a consumer education session with an Amboy Bank reverse mortgage counselor. The counselor will explain the obligations of the reverse mortgage program, and outline any alternatives you may have. This counseling session will help ensure a reverse mortgage is right for you.

Is there a way I can help my parents stay financially secure?

If you are the son or daughter of a senior who is age 62 or older, you'll want to learn more about how a reverse mortgage can create a lifetime stream of income from the equity your parents have built up in their home. With a reverse mortgage, they can never be forced out of their house. After years of taking care of their home, your parent's home can now take care of them. An Amboy Bank representative would be happy to answer your questions.

How is Amboy's Reverse Mortgage simply better?

• Save up to 60% on upfront costs compared with other programs
• Customize with flexible mortgage options - when you apply and after closing
• Accessible counselors to address your ongoing questions