What is a Reverse Mortgage
If you’re 62 or older and looking for money to finance a home improvement, pay off your current mortgage, supplement your retirement income, or pay for healthcare expenses, you may be considering a reverse mortgage.
The Federal Trade Commission describes a reverse mortgage as follows:
It’s a product that allows you to convert part of the equity in your home into cash without having to sell your home or take on additional monthly bills.
In a “regular” mortgage, you make monthly payments to the lender. In a “reverse” mortgage, you receive money from the lender and generally don’t have to pay it back for as long as you live in your home. Instead, the loan is repaid when you die, sell your home, or when your home is no longer your principal residence.
The proceeds of a reverse mortgage generally are tax-free, and many reverse mortgages have no income restrictions.
About Victory State Bank:
VSB Bancorp, Inc. (NASDAQ: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online http://www.victorystatebank.com .
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