A Reading Co-operative Bank reverse mortgage is another
convenient way to tap into the equity in your home.

If you’re 62 or older, you can use some of the equity you have in your home to generate tax-free income. You don’t have to sell your home; in fact, you don’t repay the loan until you do. Meantime, you not only retain the title to your home, but also stop making monthly mortgage payments.

Because this is a great way to turn the equity in your home into guaranteed income, reverse mortgages have been very popular in the past few years. But of course, you do have to be cautious about the loan amount. You don’t want to be in a situation where you’ve borrowed against an anticipated sale price, but due to various economic conditions, that winds up being much less.

For more information about the advantages, disadvantages and risks involved, please see the Loan FAQs. Contact one of our knowledgeable loan representatives at 781-942-5000. We will be happy to help you determine whether a reverse mortgage is right for you. You should also consult with your accountant and/or financial advisor.