Use this menu to find other Eldercare Services in your area
Connecticut Reverse Mortgages

 

Bethel CT -- Connecticut reverse mortgage -- American Home Mortgage , Fairfield County      Click to request assistance
Bethel CT -- Connecticut home equity loan -- Connecticut First Capital Corp , Fairfield County      Click to request assistance
Bethel CT -- Connecticut reverse mortgage -- Ctx Mortgage Company, Fairfield County      Click to request assistance
Bethel CT -- Connecticut home equity loan -- Connecticut Home Financing Llc , Fairfield County      Click to request assistance
Bethel CT -- Connecticut reverse mortgage -- Soundview Federal Credit Union, Fairfield County      Click to request assistance
Branford CT -- Connecticut home equity loan -- Best Deal Mortgage, New Haven County      Click to request assistance
Bridgeport CT -- Connecticut reverse mortgage -- Milligan Mortgage, Fairfield County      Click to request assistance
Bridgeport CT -- Connecticut home equity loan -- Derby Mortgage Service, Fairfield County      Click to request assistance
Bridgeport CT -- Connecticut reverse mortgage -- Darien Financial Services Inc , Fairfield County      Click to request assistance
Burlington CT -- Connecticut home equity loan -- Mortgage Services, Hartford County      Click to request assistance
Cheshire CT -- Connecticut reverse mortgage -- Ct Reverse Mortgage.Com , New Haven County      Click to request assistance
Danbury CT -- Connecticut home equity loan -- Allied Home Mortgage , Fairfield County      Click to request assistance
Danbury CT -- Connecticut reverse mortgage -- Estrella Del Norte , Fairfield County      Click to request assistance
Danbury CT -- Connecticut home equity loan -- Bentley Mortgage Corp , Fairfield County      Click to request assistance
Danbury CT -- Connecticut reverse mortgage -- Express Home Mortgage Company , Fairfield County      Click to request assistance
Danbury CT -- Connecticut home equity loan -- American Financial Resources Inc , Fairfield County      Click to request assistance
Danbury CT -- Connecticut reverse mortgage -- Ameriquest Mortgage Company , Fairfield County      Click to request assistance
Danbury CT -- Connecticut home equity loan -- Creative Mortgage Financing Inc , Fairfield County      Click to request assistance
Danbury CT -- Connecticut reverse mortgage -- Buckingham Financial Services , Fairfield County      Click to request assistance
Danbury CT -- Connecticut home equity loan -- Danbury Mortgage , Fairfield County      Click to request assistance
Danbury CT -- Connecticut home equity loan -- Cmi , Fairfield County      Click to request assistance
Danbury CT -- Connecticut reverse mortgage -- Darien Financial Services Inc , Fairfield County      Click to request assistance
Danbury CT -- Connecticut home equity loan -- Equity Lenders , Fairfield County      Click to request assistance
East Hartford CT -- Connecticut reverse mortgage -- American Eagle Federal Credit Union, Hartford County      Click to request assistance
East Haven CT -- Connecticut home equity loan -- Blake Financial Llc, New Haven County      Click to request assistance
Easton CT -- Connecticut reverse mortgage -- Michelle Connor Ctx Mortgage, Fairfield County      Click to request assistance
Fairfield CT -- Connecticut home equity loan -- Mortgage Master Inc, Fairfield County      Click to request assistance
Fairfield CT -- Connecticut reverse mortgage -- Nexus Mortgage, Fairfield County      Click to request assistance
Fairfield CT -- Connecticut home equity loan -- Compass Financial Llc, Fairfield County      Click to request assistance
Fairfield CT -- Connecticut home equity loan -- Gari-Mark Thomas M & T Bank, N.A., Fairfield County      Click to request assistance
Fairfield CT -- Connecticut reverse mortgage -- Black Rock Mortgage Llc, Fairfield County      Click to request assistance
Farmington CT -- Connecticut home equity loan -- Westwood Mortgage Group Llc, Hartford County      Click to request assistance
Glastonbury CT -- Connecticut reverse mortgage -- American Eagle Federal Credit Union, Hartford County      Click to request assistance
Hamden CT -- Connecticut home equity loan -- Atlantic Mortgage, New Haven County      Click to request assistance
Hamden CT -- Connecticut reverse mortgage -- Shore Pointe Mortgage, New Haven County      Click to request assistance
Hamden CT -- Connecticut home equity loan -- Mortgage Master Inc, New Haven County      Click to request assistance
Hartford CT -- Connecticut reverse mortgage -- Avalon Mortgagee, Hartford County      Click to request assistance
Hartford CT -- Connecticut home equity loan -- All Mortgage Services, Hartford County      Click to request assistance
Hartford CT -- Connecticut home equity loan -- First World Mortgage , Hartford County      Click to request assistance
Hartford CT -- Connecticut reverse mortgage -- Discount Funding Associates, Hartford County      Click to request assistance
Hartford CT -- Connecticut home equity loan -- Allied Home Mortgage, Hartford County      Click to request assistance
Hartford CT -- Connecticut reverse mortgage -- Barclay Mortgage, Hartford County      Click to request assistance
Hartford CT -- Connecticut home equity loan -- Franklin Bank, Hartford County      Click to request assistance
Hartford, CT -- Connecticut reverse mortgage -- Loan Modifications , Hartford County      Click to request assistance
Milford CT -- Connecticut home equity loan -- Scholastic Mortgage, New Haven County      Click to request assistance
Monroe CT -- Connecticut reverse mortgage -- Connecticut Capital Mortgage Llc , Fairfield County      Click to request assistance
New London CT -- Connecticut reverse mortgage -- Equity Lenders, New London County      Click to request assistance
New London CT -- Connecticut home equity loan -- Citizens Bank, New London County      Click to request assistance
North Haven CT -- Connecticut reverse mortgage -- De Domonico Joseph Cfp, New Haven County      Click to request assistance
Norwich CT -- Connecticut home equity loan -- Freedom Mortgage, New London County      Click to request assistance
Plainville CT -- Connecticut reverse mortgage -- Mortgage Assistance Company Llc , Hartford County      Click to request assistance
Ridgefield CT -- Connecticut home equity loan -- Appletree Federal Mortgage Llc , Fairfield County      Click to request assistance
Rocky Hill CT -- Connecticut home equity loan -- Connecticut Housing Finance Authority, Hartford County      Click to request assistance
Trumball CT -- Connecticut reverse mortgage -- Platinum Mortgage Llc, Fairfield County      Click to request assistance
Trumbull CT -- Connecticut home equity loan -- Cornerstone Capital Mortgage, Fairfield County      Click to request assistance
Wallingford CT -- Connecticut reverse mortgage -- Mortgage Hub Inc, New Haven County      Click to request assistance
Wallingford CT -- Connecticut home equity loan -- Commitment Mortgage Co, New Haven County      Click to request assistance
Waterbury CT -- Connecticut reverse mortgage -- Mac Mortgages, New Haven County      Click to request assistance
Waterbury CT -- Connecticut home equity loan -- Beneficial Mortgage, New Haven County      Click to request assistance
Waterbury CT -- Connecticut reverse mortgage -- Mortgage Services Inc, New Haven County      Click to request assistance
West Hartford CT -- Connecticut home equity loan -- M & G Mortgage Services Inc, Hartford County      Click to request assistance
Westport CT -- Connecticut home equity loan -- Lydian Mortgage, Fairfield County      Click to request assistance
Westport CT -- Connecticut reverse mortgage -- Gold Coast Mortgage Llc, Fairfield County      Click to request assistance
Westport CT -- Connecticut home equity loan -- New England Financial Mortgage Company, Fairfield County      Click to request assistance
Wethersfield CT -- Connecticut reverse mortgage -- Family Choice Mortgage, Hartford County      Click to request assistance

 

Contact Connecticut Reverse Mortgage Services

For the convenience of the public, care providers are listed on this page to show services available in a particular area. We cannot verify the business practice or the background of providers listed on this page. As a result, we do not provide contact information. Members of the Connecticut Care Planning Council, listed on this site, have agreed to abide by a code of ethics. If you wish to contact a member of the Connecticut Care Planning Council regarding any of the eldercare services listed on this page, please fill out the form below and a council member will contact you. Please be aware that your information may be shared with other members of the Care Planning Council who might be able to help you as well. Read Our Disclaimer.

 

About Reverse Mortgages

For many seniors the equity in their home is their largest single asset, yet it is unavailable to use unless they use a home-equity loan. But a conventional loan really doesn't free up the equity because the money has to be paid back with interest.

A reverse mortgage is a risk-free way of tapping into home equity without creating monthly payments and without requiring the money to be paid back during a person's lifetime. Instead of making payments the cash flow is reversed and the senior receives payments from the bank. Thus the title "reverse mortgage".

Many seniors are finding they can use a reverse mortgage to pay off an existing conventional mortgage, to create money for a down payment for a second home or to pay off debt. Popularity is skyrocketing. Over the last five years the number of reverse mortgages nationwide has tripled. The uses of this untapped wealth are only limited by a person's imagination.

For those seniors who are less fortunate but own a home, a reverse mortgage can allow them to remain in the home by creating extra income. It can also allow for remodeling or repairs and when the time comes to sell, the investment in the home can make it more valuable.

 
    Request Assistance by filling out this Form
  This form will go directly to the National Care Planning Council and not to a specific person or company. The Council will reply with any information they have available to help with your request.
Name*:  
Mailing Address:
City*:     
State:
Zip:
Email*:
Phone*:
    Requests
Please enter your questions, requests or comments:

Please do not submit financial, legal, or sensitive medical information to us. Thank you.


  We strive to prevent spam. Please answer the question below to show that this is a legitimate request.
What is 2 + 2?*:
Required = * 
 
  We respect your privacy. Your information will not be given / sold to any other entity.
 
 

About Reverse Mortgages

 

For many seniors the equity in their home is their largest single asset, yet it is unavailable to use unless they use a home-equity loan. But a conventional loan really doesn't free up the equity because the money has to be paid back with interest.

A reverse mortgage is a risk-free way of tapping into home equity without creating monthly payments and without requiring the money to be paid back during a person's lifetime. Instead of making payments the cash flow is reversed and the senior receives payments from the bank. Thus the title "reverse mortgage".

Many seniors are finding they can use a reverse mortgage to pay off an existing conventional mortgage, to create money for a down payment for a second home or to pay off debt. Popularity is skyrocketing. Over the last five years the number of reverse mortgages nationwide has tripled. The uses of this untapped wealth are only limited by a person's imagination.

For those seniors who are less fortunate but own a home, a reverse mortgage can allow them to remain in the home by creating extra income. It can also allow for remodeling or repairs and when the time comes to sell, the investment in the home can make it more valuable.

False Beliefs

  • "The lender could take my house." The homeowner retains full ownership. The Reverse Mortgage is just like any other mortgage; you own the title and the bank holds a lien. You can pay it off anytime you like.
  • "I can be thrown out of my own home." Homeowners can stay in the home as long as they live, with no payment requirement.
  • "I could end up owing more than my house is worth." The homeowner can never owe more than the value of the home at the time the loan is due.
  • "My heirs will be against it." Experience demonstrates heirs are in favor of Reverse Mortgages.

Virtually anyone can qualify. You must be at least 62, own and live in, as a primary residence, a home [1-4 family residence, condominium, co-op, permanent mobile home, or manufactured home] in order to qualify for a reverse mortgage.

There are no income, asset or credit requirements. It is the easiest loan to qualify for.

A reverse mortgage is similar to a conventional mortgage. As an example:

  • The bank does not own the home but owns a lien on the property just as with any other mortgage
  • You continue to hold title to the property as with any other mortgage
  • The bank has no recourse to demand payment from any family member if there is not enough equity to cover paying off the loan
  • There is no penalty to pay off the mortgage early

The proceeds from a reverse mortgage are tax-free and can be used for any legal purpose you wish:

  • daily living expenses
  • home repairs and improvements
  • medical bills and prescription drugs
  • pay-off of existing debts
  • education, travel
  • long-term care and/or long-term care insurance
  • financial and estate tax plans
  • gifts and trusts
  • to purchase life insurance
  • or any other needs you may have.

The amount of reverse mortgage benefit for which you may qualify, will depend on

  • your age at the time you apply for the loan,
  • the reverse mortgage program you choose,
  • the value of your home, current interest rates,
  • and for some products, where you live.

As a general rule, the older you are and the greater your equity, the larger the reverse mortgage benefit will be (up to certain limits, in some cases). The reverse mortgage must pay off any outstanding liens against your property before you can withdraw additional funds.

The loan is not due and payable until the borrower no longer occupies the home as a principal residence (i.e. the borrower sells, moves out permanently or passes away). At that time, the balance of borrowed funds is due and payable, all additional equity in the property belongs to the owners or their beneficiaries.

There are three reverse mortgage loan products available, the FHA - HECM (Home Equity Conversion Mortgage), Fannie Mae - HomeKeeper®, and the Cash Account programs. Over 90% of all reverse mortgages are HECM contracts.

The costs associated with getting a reverse mortgage are similar to those with a conventional mortgage, such as the origination fee, appraisal and inspection fees, title policy, mortgage insurance and other normal closing costs. With a reverse mortgage, all of these costs will be financed as part of the mortgage prior to your withdrawal of additional funds.

You must participate in an independent Credit Counseling session with a FHA-approved counselor early in the application process for a reverse mortgage. The counselor's job is to educate you about all of your mortgage options. This counseling session is at no cost to the borrower and can be done in person or, more typically, over the telephone. After completing this counseling, you will receive a Counseling Certificate in the mail which must be included as part of the reverse mortgage application.

You can choose 3 options to receive the money from a reverse mortgage:

1) all at once (lump sum);

2) fixed monthly payments (for up to life);

3) a line of credit; or a combination of a line of credit and monthly payments. The most popular option, chosen by more than 60 percent of borrowers, is the line of credit, which allows you to draw on the loan proceeds at any time.

Keeping money in a reverse mortgage line of credit in most states will not count as an asset for Medicaid eligibility as this would be considered a loan and not a resource for Medicaid spend down. However transferring the money to an investment or to a bank account would represent an asset and would trigger a spend down requirement. Please note however that distinguishing between what portion of reverse mortgage proceeds might be counted as a loan and what portion as an asset is not a simple black and white decision. It is best to get an opinion from an elder attorney in your state.

If a senior homeowner chooses to repay any portion of the interest accruing against his borrowed funds, the payment of this interest may be deductible (just as any mortgage interest may be). A reverse mortgage loan will be available to a senior homeowner to draw upon for as long as that person lives in the home. And, in some cases, the lender increases the total amount of the line of credit over time (unlike a traditional Home Equity Line whose credit limit is established at origination). If a senior homeowner stays in the property until he or she dies, his or her estate valuation will be reduced by the amount of the debt.

At the death of the last borrower or the sale of the home, the loan is repaid from equity in the home. Any remaining equity (which is often the case) goes to the heirs. Almost all reverse mortgages are the HECM loan which is guaranteed by FHA mortgage insurance. If there is not enough equity to cover the loan, the insurance satisfies the loan by paying the deficit. With a HECM loan, the bank will never come after the heirs to satisfy the mortgage obligation.