Are you looking for a way to add to your monthly income and live comfortably during retirement?
If you are a homeowner and 62 years or older, a reverse mortgage may be for you.

A reverse mortgage is the opposite of a traditional mortgage. Instead of making payments, with a reverse mortgage, you use
the equity in your home to gain income. Throughout the life of the loan, the balance gets larger while the equity gets smaller.

• No Income Requirement
• You retain ownership and occupancy of your home
• Interest may be tax deductible (consult your tax advisor)
• No repayment is made until the home is sold or you permanently move out or pass away
• You will never owe more than the current market value of your home
• Interest is paid at the time the loan is repaid
• Closing costs and fees can be financed as part of the loan
• When the loan is due, your heirs have choices - they can repay the loan and keep the house, or sell the house and repay the loan

Talk with a FirstMerit representative to find out if one of these reverse mortgages works for you:

• Financial Freedom HECM Advantage - provided cash, line of credit or monthly income subject to HUD/FHA
                                                               lending limits for a fixed term or as long as you live in your home.
• Fannie Mae Home Keeper - This government sponsored Enterprise Program provides cash, line of credit or monthly
                                              income subject to the Fannie Mae lending limit for as long as you live in your home.
• Financial Freedom Cash Account Advantage - Provides cash options or lines of credit with emphasis on
                                                                             higher-value homes or for seniors with substantial home equity.

Click here to access our mortgage calculators.