Take the Worry Out of
Retirement with a Reverse Mortgage |
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First Credit Union is excited to bring a great new product to our members – reverse mortgages. If you are 62 years of age or older and have equity in your home, a reverse mortgage could turn that equity1 into cash, monthly income, a line of credit or a combination of the three. Unlike a traditional mortgage, you are not required to make any monthly payments, there is no income qualification and the proceeds are tax-free2. Best of all, you retain ownership of your home and can live there for as long as you choose.
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| The funds could be used for anything, including: |
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Paying off an existing mortgage and other debt |
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Long term health care and prescription drug costs |
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Property taxes |
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Home repairs and renovations |
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Cash reserve for emergencies |
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Even for the dream vacation of a lifetime! |
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| Reverse Mortgage Facts |
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As a homeowner with a reverse mortgage you retain full ownership of your home and you can live in your home as long as you choose.
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You do not need income or credit to qualify for a reverse mortgage. Reverse mortgages do not require you to make monthly payments and do not have to be repaid until you move out or pass away. Plus, you will never owe more than your home’s appraised value, no matter how high the loan balance grows. |
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1 Certain restriction apply. Borrower counseling is required. Contact us for details.
2 Consult your tax professional to determine the tax effect of a reverse mortgage. |
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| Getting Started is Easy |
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Contact one of our experienced mortgage specialists today to discuss your reverse mortgage options. In Southern Arizona and Central Phoenix, call Jan Mullins at (480) 786-2343. In Northern Arizona and West Phoenix, call Scot Gilbreath at (928) 774-8974. Let First Credit Union help you make your retirement worry free with a reverse mortgage. Call us today! |
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| Satisfied Members Say It Best... |
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| “I had just come from a bank and had been dealing with a billing problem and felt very frustrated. I was in a bad mood when I went into the credit union, by the time I was done I felt very relaxed and taken care of completely. Thank you First Credit Union staff for making my day!” - Scottsdale member |
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| Holiday Closures |
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First Credit Union branches will be closed on February 18, 2008 in observance of Presidents’ Day. |
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While our offices will be closed, you can still access your credit union accounts anytime or by using an ATM displaying any one of these logos: |
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