Frequently asked questions

It carries tax benefits

A portion of the interest paid on your mortgage – which is the majority of your payment the first few years – is tax-deductible. That means more money for your family, more money to take that extra vacation and more money for that romantic evening out.

Freedom to fit your home to your personality

Buying a home allows you the freedom to customize your home to better fit you and your family. Also, as you upgrade your home, its value will increase and your equity will grow.

You’re not paying someone else’s mortgage

Many believe the best way to build wealth is through homeownership. Plus, there’s security in not having to worry about moving every time your lease is up.

• Potential extra tax benefits on top of your first mortgage
• Reliable, customized vacation for you and your family
• You can buy a vacation home with as little as 10% down
• Potential property appreciation

An adjustable-rate mortgage is a home loan where the interest rate changes periodically. Visit our adjustable-rate mortgage page to learn all about this particular home loan product.

A fixed-rate mortgage is a home loan where the interest rate stays the same for the life of the loan. Visit our fixed-rate mortgage page to learn all about this particular home loan product.

Specialty loans are creative mortgage solutions for homebuyers who need unique loan programs for their unique situations. Visit our specialty loan page to learn all about the many specialty home loan products available.

Or visit any of these particular pages for more details:

• FHA loans
• Jumbo loans
• USDA loans
• VA loans
• Reverse mortgages

A Federal Housing Association (FHA) Loan is a government-insured loan that helps people buy and refinance real estate. Visit our FHA home loan page to learn all about this particular home loan product.

Jumbo loans are a special financing option for loan amounts exceeding the conventional conforming loan limit. Visit our jumbo loan page to learn all about this particular home loan product.

A USDA loan is a mortgage with up to 100% financing for owner-occupied properties in designated USDA rural areas. Visit our USDA home loan page to learn all about this particular home loan product.

VA home loans are for currently or formerly serving military and require no down payment. Visit our VA home loan page to learn all about this particular home loan product.

A reverse mortgage is a type of home loan for seniors or for people over a certain age that allows you to convert a portion of the equity in your home into cash. Visit our reverse mortgage page to learn all about this particular home loan product.

Are the proceeds I receive taxable?

Loan advances from reverse mortgages are generally not considered taxable income. This means the proceeds you receive from a reverse mortgage are generally tax-free. Please consult a tax professional.

Can I use a reverse mortgage to purchase a home?

Yes. You would need to make a down payment and apply the proceeds from your reverse mortgage at the time of purchase. The down payment is determined by the home value minus the amount of proceeds received from the reverse mortgage (after subtracting loan costs). You will not need to make monthly reverse mortgage payments while you live in the home or until a maturity event occurs.

What are the costs of a reverse mortgage?

Costs include origination and processing fees, third-party closing costs (just like a first mortgage) and FHA mortgage insurance. Most of these costs can be financed into the loan and may vary depending on which product you select. In addition, there may be a counseling fee that will be collected up front or financed within the loan.

Down payment assistance grants vary from state to state, which means the requirements can also change. If you’re needing a little financial nudge in the right direction, talk to one of our loan officers. They can help you find the down payment assistance program you might need to buy the home you really want.

Refinancing a mortgage allows homeowners to negotiate a new mortgage agreement, turning the equity in their home into cash. Visit our refinance home loan page to learn all about this particular home loan product.

A VA streamline refinance is an interest rate reduction refinancing loan (IRRRL) designed to support military service members. Visit our VA refinance page to learn all about this particular home loan product.