Senior Choice Home Equity
With Amboy Bank's Senior Choice Home Equity get the money you need to meet important expenses while staying in your home. It's a great option for those who own their home and are 62 years of age or older.*
Have You Made a Lifetime of Memories in Your Home?
Do your taxes keep going up? Do you want to make important updates to your home? Or, maybe you want to be prepared for unexpected home repairs, new medical bills, or emergencies. Or, maybe you just want to do something that makes you happy.
Amboy's Senior Choice Home Equity is a line of credit that lets you write checks for the things you want. Plus, if you are worried about rising rates, you can choose to fix the rate on a portion of your loan with just a phone call. All without having required monthly payments.
As a community bank, we take the time to listen to our clients and discuss your needs. The result is a proprietary reverse mortgage with no closing costs, lower rates, and no required monthly payments. Better yet, we keep our loans. So, not only do you work with a local person to apply, but if you have questions about your loan, we are able to help.
Get Started now to learn how a Senior Choice Home Equity or one of our other In-Retirement Loans can work for you.
Set up a line of credit up to $50,000 and write a check when you need to access it. Plus, fix your rate on outstanding balances with a phone call.
Make payments if and when you want, or when you leave your home.
We waive the origination, appraisal and title fees. Plus, there are generally no credit score or income requirements.
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!
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*
Offers a fixed rate and the option to receive your funds in a lump sum.
- Fixed loan up to $50,000 or 33% of home value*
- The full amount is provided at closing
- Loan rate is fixed at the time of origination
- Pay back, if and when you want
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.
Watch Our Video to Learn More
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.