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  The Federal Savings Bank Reverse Mortgage

The Federal Savings Bank Reverse Mortgage

in Reverse Mortgages from The Federal Savings Bank · NMLS ID #411500

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The Federal Savings Bank Reverse Mortgage

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in Reverse Mortgages from The Federal Savings Bank · NMLS ID #411500

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The Federal Savings Bank Reverse Mortgage Review

The Federal Savings Bank Reverse Mortgage is offered by The Federal Savings Bank (NMLS #411500), a bank founded in 2011 and based in Chicago, IL. The Federal Savings Bank Reverse Mortgage is available in 19 states across the USA.

The Federal Savings Bank Reverse Mortgage FAQ

What types of reverse mortgages does The Federal Savings Bank Reverse Mortgage offer?

The Federal Savings Bank Reverse Mortgage allows borrowers to apply for the following types of reverse mortgage.

Lump sum. The borrower can access the entire amount immediately. However, you will need to pay interest on the entire amount regardless of whether you spend it.

Monthly disbursement. With this option, you get a monthly allowance. This is a good option if you need an additional source of income to cover your living expenses. It can be used in combination with a line of credit for additional flexibility.

What fees does The Federal Savings Bank Reverse Mortgage charge for a reverse mortgage?

The Federal Savings Bank Reverse Mortgage may charge a loan origination fee.

What types of property can you use as security for a reverse mortgage with The Federal Savings Bank Reverse Mortgage?

Lenders often have restrictions on the type of properties they will accept as security for a reverse mortgage. The Federal Savings Bank Reverse Mortgage will consider lines of credit secured by the following property types:

  • Primary home

 

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Other Services by The Federal Savings Bank

Availability

  Available in 19 states
  • Arizona
  • California
  • Colorado
  • Delaware
  • Florida
  • Georgia
  • Illinois
  • Indiana
  • Kansas
  • Maryland
  • Massachusetts
  • New York
  • North Carolina
  • Ohio
  • Pennsylvania
  • Rhode Island
  • Tennessee
  • Texas
  • Virginia

Feature Breakdown

Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Intended Use Primary Home
Minimum Age 62
Reverse Mortgage Options
  • HECM for Home Purchase
  • Standard
Reverse Mortgage Payment Options
  • Lump sum
  • Monthly disbursement

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