Fixed-Rate Reverse Mortgage
With our Fixed Rate Reverse Mortgage, you get all the funds at closing to pay off an existing mortgage or other debt, plus cash that you can use for any purchases. You lock in a fixed rate and you don't pay it back until you leave your home. Eliminate monthly payments and free up more cash! A great option for those who own their home and are 62 years of age or older.*
A Fixed Rate Reverse Mortgage transforms the equity in your home into cash - so instead of making monthly payments, you can receive them (that's the "reverse" part) tax-free and fine-print-free. And, you stay in your home as long as you like.
Lock in a Great Rate to Use Now or Later
Set up a line of credit up to $50,000 and use as you need it. Have cash available while preserving your savings.
You make payments if and when you want, or wait until you leave your home.
Save money on upfront costs compared to other programs. Any upfront costs can be financed as part of the loan.
Not Sure Which In-Retirement Loan is Right for You?
Amboy Bank offers a variety of In-Retirement Home Equity Loans, and we know it can be difficult to sort out all the details. Learn more about our other in-retirement loan options below, or contact us and let our experts guide you!
A great option for those with moderate borrowing needs. With no closing costs, it still has all the benefits of an in-retirement loan.
- Line of credit up to $50,000 or 33% of home value*
- No closing costs
- Easy, everyday access - Just write a check
- Pay back, if and when you want
How people use: Update bath or kitchen, pay taxes, pay off credit cards
Ideal for those with bigger borrowing needs, our Prime Line of Credit can provide immediate relief or be available for future needs.
- Line of credit up to 55% of home value
- Easy, everyday access - Just write a check
- Pay back, if and when you want
How people use: Pay off mortgage, set aside for taxes, in-home help
Sometimes managing your finances is easier when you know your monthly income. The HERIL converts your home's equity into ongoing income for as long as you live in the house.
- Receive regular monthly income for as long as you live in your home
- Have a small equity line available for emergency needs
- Loan up to 55% of home value*
25 Ways to Use Your Home's Equity
There are many ways that tapping into your home's equity can help you. Learn how our In-Retirement Loans can get you the funds you need.
Other Retirement Needs
Terms & Disclosures* Dependent on age of youngest borrower, loan to value, income, and other factors. Home value is capped at $822,000.