We make it as easy as possible for you to obtain the reverse mortgage that's right for you.  We're with you every step of the way, helping to customize a loan that meets your unique needs. 

Because we know these decisions can sometimes be daunting, we encourage you to seek the advice and counsel of those you trust most - your family, friends, attorney, and accountant.

Then, deal with a local bank you trust, like South Shore Co-operative Bank.  We do not have sales quotas.  We do have the tools and time to show you exactly what a reverse mortgage could do for you. 

Call Meg Sarno at 781-682-0203.
 

How can a South Shore Co-operative Bank reverse mortgage help me?

Reverse mortgages are helping older homeowners across the country achieve greater financial security.  And enjoy their retirement years to the fullest. 

Imagine having the income you need to remain living comfortably in your home in retirement - and at the same time make much needed repairs or renovations, afford quality home healthcare, or even vacation with family and friends.

Over 150,000 older Americans have done that thanks to the reverse mortgage, a unique financial security tool that provides the freedom and peace of mind to fully enjoy the retirement years. 

A reverse mortgage is a loan that allows seniors to use the equity they've accumulated in their homes over the years to improve their quality of life and knock down the financial barriers to independent living.  By converting equity into income, a reverse mortgage is a way to stay in your home and receive cash to use for any purpose.  Best of all, you retain the title to your home and you remain living in your home. 

Reverse mortgage Fast Facts:

• All borrowers must be 62 years and older
• No repayment is made until the home is sold or the owner permanently moves out or passes away
• You will never owe more than the value of your home
• No income qualification
• Interest is paid at the time the loan is repaid
• When the loan is due, your heirs have choices -- they can repay the loan and keep the house, or sell the home and repay the loan.
• Social Security benefits and Medicare are generally not affected by a reverse mortgage --consult your tax advisor
• You own your home -- the lender does not take control of the title
• Interest rates are adjustable and can change periodically; however, this DOES NOT affect the amount you will receive
• Closing costs and fees incurred can be financed as part of the loan

Uses for home equity conversions 

Published by AARP / HUD

Making a reverse mortgage work for you.

1.  Getting Started

If you want to learn how a reverse mortgage will work for you, a South Shore Co-operative Bank loan advisor will visit you in your home and explain the benefits, features, income options, and costs.

2.  Equity Release

Benefits are generated based on the following:

• Appraised value of home or maximum lending limit

• Borrower's age
• Current interest rate

3.  Taking Action

When you are ready to move forward, we will assist you in completing an application request and schedule a counseling session with an approved counselor.  A termite report is required and any home repairs can be paid out of benefits. 

4.  Gaining Independence and Remaining in Control

A lien is recorded against the home, but the borrower will retain full title to the property and remain in control of the home.  The borrower continues to have the responsibility for maintaining the home and paying property taxes and insurance premiums.

5.  Reaping the Rewards of a Reverse Mortgage

Borrowers have many specific reasons for electing a reverse mortgage.  Some are needs-driven, others enhance quality-of-life choices.  The grid above demonstrates how uses vary. 

Information Center

We offer several publications that we believe can be extremely useful in helping you decide if a reverse mortgage can improve your quality of life, and just enjoy your life a bit more.
 

1.  What Every Son & Daughter Should Know To Help Their Parents Live Well In Retirement

"Nearly every day we are inspired by examples of the triumph of mind, body, and spirit over the aging process.  The 81-year-old man who ran his first marathon.  The grandmother who earned her law degree at age 75.  The fact is people are living longer, healthier lives -- and reaching retirement age no longer means growing old. 

"We recognize that financial security is only part of the equation, so we're continually examining issues and trends that affect older Americans.  From time to time, we bring what we've leaned to the table for your review.  One thing we've discovered is that as more and more senior citizens are living healthy, independent lives, their adult sons and daughters are called upon to care about them -- not necessarily for them. 

"It's a different way of thinking, perhaps.  But it's a way that can help ensure a better quality of life for our parents.  The information and tips provided here can help you help your parents live well in retirement and balance their needs and desires with your own."

2.  A Consumer Guide to Reverse Mortgages

Questions, answers, guidelines, and options about reverse mortgages.   This brochure is presented in a convenient Q & A format. 

"For many Americans retirement is a mixed blessing.  On one hand it is a time to enjoy family and friends, explore special interests, cultivate new skills and enjoy living to the fullest.  But retirement years can present special challenges.  All too often people find themselves in need of extra income just to keep up.  We focus on helping older Americans live in their home comfortably and securely by turning the equity in their home into extra cash or monthly income.

"We understand that each individual's needs are unique.  That's why we offer a broad selection of reverse mortgage products.  Deciding if a reverse mortgage is the right thing to do is an important decision.  We encourage you to take your time, understand your options, discuss them with those you trust and feel free to contact us for assistance at any time.  We are confident we can help guide you to the solution that works best for you.  Ultimately the decision will always be yours.  We respect that and will work closely with you to help you make the most of your resources."

3.  Fast Facts

Information to guide your understanding the reverse mortgage and how it may help you improve your quality of life. 

"We have received numerous requests asking us to explain how reverse mortgages work.  This booklet is dedicated exclusively to reverse mortgages.  We suggest you save this booklet for future reference - and if you would like additional copies for a friend, or to discuss with your children or advisors, please call us. 

"Nearly 150,000 Americans 62 years and older have benefited from reverse mortgages.  These products are increasingly becoming a logical component of a well-balanced retirement plan. 

"We hope this booklet helps you understand how a reverse mortgage may help improve the quality of your life."

Call or email today to order these brochures: 

EMail Us

Call Meg Sarno at 781-682-0203.

Member FDIC . Member SIF . Equal Housing Lender