LET OUR EXPERTS BE YOUR GUIDE
Through the Reverse Mortgage Process
University Bank Reverse Mortgages – Specializing in reverse mortgages. Our reverse mortgage experts help seniors convert home equity into cash for retirement, medical bills, travel, healthcare, house repairs, extra income, or other worthwhile purposes.
One of the great concerns we all have when making important financial decisions is whether or not our advisors know enough and care enough to give us the right advice.
University Bank Reverse Mortgage division has been educating clients and their families about reverse mortgages long before many people even knew what they were, and well before any of the TV pitchmen arrived. We are one of the oldest reverse mortgage teams in the United States. We know our products, we listen to our clients, and we understand their needs.
We’ve helped thousands of people make the right decision, and we hope we can help you decide what is right for you.
– Your University Bank Reverse Mortgage Division Team
How it Works
If you would like more information about reverse mortgages, or if you would like an appointment to make an application call: (800) 720-7003.
* Borrower must continue to pay property taxes, insurance, applicable maintenance and association fees, and maintain the property. Failure to do so may result in foreclosure.
** Or the age of an eligible non-borrowing spouse.
*** SSI and Medicaid benefits may be affected. Get professional advice.
First you must obtain a counseling certificate from a HUD-approved counseling agency (we can supply you with a list of national and local agencies from which you can choose). After receiving your counseling certificate, you can make an application with a 1st Nations Reverse Mortgage Specialist. Under normal circumstances, the entire process should take approximately 30 – 45 days.
- Reverse mortgages are insured by the U.S. Dept. of HUD
- Payments to borrowers are guaranteed by the U.S. government
- They are available through HUD Approved lenders
- Independent HUD counseling is required prior to application
- Does not affect Social Security or Medicare benefits***.
You can choose how to receive your money.
You can receive it:
- As a Lump Sum at the closing of the loan
- As a Monthly Cash Advance
- As a Line of Credit
Any combination of the above three options
The amount you can get depends on:
- Youngest borrower’s age**
- The home value
- Current interest rates
- Any homeowner who is 62 years or older
- You must be living in the home as your primary residence
- Pay off current mortgage or debts
- Property taxes/ home insurance
- Home repairs
- Everyday living expenses
- Retirement Planning
- Medical expenses or in-home care
A reverse mortgage allows homeowners who are 62 years or older to access a portion of the equity in their homes without having a monthly mortgage loan payment.
- No loan repayment is required as long as the borrower owns and lives in the home.*
- There are limited income, asset, and credit requirements
- The homeowner retains title and ownership of the home
- Cash advances can be used for any purpose
When the home is sold or when the last surviving spouse or borrower dies or moves away for 12 months in a row.
“I just wanted to write to you to tell you how much we appreciate your help and what a difference it [the reverse mortgage] has made in my Mom’s life…We are able now to pay up bills and do some minor interior repairs to make Mom’s home feel good to her again.”
– Martha – Port Orange, FL
“I am 73 years of age, a former submarine sailor, and I’ve lived and worked in Grand Rapids for 31 years. I have never been treated this royally by anyone in all my years.”
– Ralph – Interlochen, MI
“I’ve been retired for 20 years and living on a fixed income. I do all right, but I wanted to do some things I didn’t have the cash to do…I have no plans to move out. For me, this works out well.”
– Bill W. – Livonia, MI