Specialty Loans

HELOC¹

A home equity line of credit (HELOC) is a second mortgage with a line of credit that allows you to borrow against the equity in your home. Similar to a credit card, you use the available funds from a home equity loan as needed.

Reverse Mortgage²

An FHA-insured reverse mortgage is a loan for senior borrowers allowing access to the equity in their home without any required mortgage payments by using their home as security for the loan. Interest and fees are added to the loan balance over time. Borrowers must continue to pay property taxes and insurance while upholding the terms of the loan. The loan is repaid when the borrower permanently leaves the home or if the terms of the loan are not upheld. FHA-insured HECM Reverse mortgages are non-recourse loans which means the borrower or the borrower’s estate cannot owe more than the value of the property.

Bridge Loans³

A bridge loan is a solution for move-up buyers who are in need of financing for their next home before selling their current home.

DISCLOSURES

¹Approval may require verification of income, assets, credit, and property value. Additional terms, conditions, and restrictions apply. Consult a tax adviser for information regarding the deductibility of mortgage interest and charges.

²To be eligible for a reverse mortgage must be 62 years old or older. Borrower must occupy the home as their primary residence and must either own the property outright or have considerable equity in the property. Borrower is responsible for property taxes, insurance, HOA/condo fees, and home maintenance. Other fees apply, including and not limited to origination fees, closing costs and mortgage insurance premiums. Other terms and conditions will apply, including and not limited to property requirements. Payment plan options are dependent on the type of reverse mortgage you select. Not all applicants will qualify. These marketing materials are provided by Evergreen Home Loans and are not provided or approved by HUD or FHA. Re¬verse mortgage proceeds may affect Medicaid and Supplemental Security Income (SSI) benefits. Consult with a financial advisor to see if a reverse mortgage is a good option for you.

Oregon Only:

• At the conclusion of the term of the reverse mortgage loan contract, some or all of the equity in the property will no longer belong to the borrower. The borrower may need to sell or transfer the property to repay the proceeds of the reverse mortgage, or the borrower must otherwise repay the reverse mortgage with interest from the borrower’s other assets.
• The lender charges an origination fee, a mortgage insurance premium, closing costs, and servicing fees for the reverse mortgage. The lender will add these charges to the balance of the loan.
• The balance of the reverse mortgage loan grows over time, and the lender charges interest on the outstanding loan balance.
• The borrower retains title to the property until the borrower sells or transfers the property. Therefore, the borrower is responsible for paying property taxes (and related taxes), insurance, and maintenance—and failing to pay these amounts may cause the reverse mortgage loan to become due immediately and subject the property to a tax lien (or other encumbrance) or to a possible foreclosure.
• Interest on a reverse mortgage isn’t deductible from the borrower’s income tax return until the borrower repays all or part of the reverse mortgage.

³Initial term 120 days; up to two 30-day extensions allowed for a maximum 6-month term. Borrower must qualify for a fixed rate non-owner refi in the event the subject property does not sell within 6 months. Available in AZ, CA, CO, ID, NV, OR, and WA. Additional terms, conditions and restrictions apply.