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Reverse Mortgage

Reverse mortgages allow homeowners age 62 and over to convert home equity into cash. The amount of the loan is based on the homeowner’s age, value and location of the home, and current interest rates. Gershman Mortgage offers several options for reverse mortgages. 


What is it?

•    Income is tax-free.
•    Repayment is not required until the borrower moves out permanently, sells home,
     or passes away.
•    No penalty for early payment.  The loan is non-recourse
•    Repayment cannot exceed the value of the home
•    Payments can be made in a lump sum, monthly payments, a line of credit
      or a combination.
•    No credit or income qualifications.

Best for Homeowners who:

•    Are age 62 or older.
•    Would like to stay in their home.
•    Would ike supplemental income for retirement.

Gershman Mortgage is proud to be a member of the National Reverse Mortgage Lenders Association. To learn more, visit www.nrmla.org.
 
 

Residential

Gershman Mortgage offers a wide range of mortgage products and is one of the area's leaders in FHA / VA and conventional single-family home loans.  Our professional staff is happy to assist you in finding the best loan for your needs.

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History

Founded nearly 60 years, ago, Gershman Mortgage has established a reputation for unsurpassed service and expertise.  Gershman is the oldest independent mortgage company in St. Louis and has grown into one of the largest in Missouri. 

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Gershman Mortgage is a Missouri, Illinois, and Iowa Residential Mortgage Licensee. http://www.bankrate.com/rss/Bankrate_TodaysStories_brm_rss.xml blog