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 state across the USA.

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.