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Amboy's Reverse Mortgage is Simply Better

Save Up to 60% on Upfront Cost

Amboy offers its own proprietary Reverse Mortgage plans. Our plans save you money and require less of a financial commitment. This allows more seniors to take advantage of a Reverse Mortgage. Our Amboy Mortgage Consultants can assist you in choosing the right loan for you.

  Amboy Bank National
  Prime Rate HUD / HECM
Estimated Home Value $450,000 $450,000
Annual Percentage Rate (APR) 5.00% 2.976%
Interest Rate Cap 12.00% 12.976%
Maximum Loan Amount $184,500* $259,200
Held for Future Service Fees $0 $0
Initial Mortgage Ins. Prem. $0 $2,250
Origination Fee $1,845 $6,000
Other Costs (may vary) $2,055** $4,031
Net Loan Amount Available $180,600 $246,919
Total Fees and Costs $3,900 $12,281

*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 2016.

Custom Payment Options

  • Line of credit - You decide when and how much of your available cash is paid to you up to the maximum loan amount.
  • Lifetime monthly payments - Payments guaranteed as long as at least one homeowner lives and continues to occupy the property as a principal residence up to the maximum loan amount.
  • Regular monthly payments - You select the number and amount of monthly payments up to the maximum loan amount.
  • Lump sum with credit line - Take an initial fixed amount with the option to take immediate cash advances against your credit line up to the maximum loan amount.
  • Single lump sum cash payment - The full amount borrowed is paid out at once up to the maximum loan amount.

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

Work with Local Experts

Amboy's Mortgage Counselors are dedicated to helping you make the right choices for your retirement planning. Our local expert staff provide ongoing advice, not only at the beginning but throughout the term of the loan. And, if unforeseen circumstances change your plans, Amboy can help tailor your payments to meet your needs. If you desire, we are happy to educate members of your family so that they might counsel you in finding the right loan and payment plan that works for your situation.

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