a division of
$500 exclusive Credit Union offer
BCI is the Credit Union’s source for professional Reverse Mortgage services
Waterbury CT Teachers Federal Credit Union wants you to have all of the facts and they want you to get the best possible service when you consider a Reverse Mortgage Product.
The staff at BCI specializes in educating consumers on all aspects of the reverse mortgage process. We want to make sure that you understand the way these products work and we want to make sure that you are get the right advice for your personal situation.
Waterbury CT Teachers Federal Credit Union also want you to get the best possible deal on a Reverse Mortgage, so they work with BCI Financial to assure that this happens.
As a member of an ‘Approved’ Credit Union, we will refund to you $500.00 from the closing costs with-in 10 days of your Reverse Mortgage closing. Just complete your application on-line or call us toll free today at 1-866-224-2677 Ext. 427
What is a Reverse Mortgage?
There are different types of Reverse Mortgages for different situations. The most common type is the Home Equity Conversion Mortgage (HECM), which is insured by the federal government.
- Available for individuals 62 years old or older
- No income or credit qualification
- No monthly payments are required
- Delivers tax free monthly income (consult your Tax Advisor)
- Allows homeowner to live in their home
- Title to the home remains in the homeowners name
The number of reverse mortgage loans made throughout the United States is increasing at a dramatic rate. The reason for this is more and more seniors and their families are educating themselves about the benefits of a reverse mortgage and deciding that it is the best solution for them. The question you may be asking yourself is "Is a reverse mortgage right for me?" or "Is a reverse mortgage right for my parents or older relatives?"
Before you can answer either of those questions, you need to get all the facts and, for that, you've come to the right place! By following the links above, you will be on your way to learning how a reverse mortgage might benefit you or the senior in your life. When you are ready to apply, or even if you just have more questions, we hope you will call BCI Financial, the Credit Union’s source for professional Reverse Mortgage services.
You can also visit the AARP Website for additional facts about Reverse Mortgages.
The Reverse Mortgage Process
- Educate yourself
- Meet with professionals and decide whether or not to apply
- Counseling
- Appraisal
- Approval
- Funding
- After Funding
You are doing that now! Before you can figure out if a Reverse Mortgage is right for you, you first have to educate yourself about what they are and how they work. We suggest that you consult with your families or a trusted advisor before making the decision to go forward. BCI Financial is here to help with this important process and will be happy to meet with you. Get what you can from this website, and then give us a call.
We will either visit you in your home or you may visit us to get additional information and to prepare an application for you to read and sign. Our professional staff will discuss your needs and what the benefits are of a reverse mortgage in a comfortable, "no pressure" environment. We will provide a copy of the application and sample loan documents to you. We will need a copy of your photo ID and social security or Medicare card and the name and phone number of your homeowner’s insurance agent. If you have an existing mortgage to be paid off, we will need the name of the lender and loan number. If you have a trust, we will need a complete copy of it.
You must satisfy the mandatory counseling requirement before you can obtain a reverse mortgage. It is a one time session which will take from 30 minutes to one hour depending on how many questions you have. This counseling allows you to speak with a unbiased third party to discuss all of the aspects of a Reverse Mortgage. You can visit a counselor or have your meeting by telephone. Your BCI professional will help you select a U.S. Department of Housing and Urban Development (HUD) authorized counselor. You will receive a certificate that your counseling was done which you will need to sign and send to us. Because of the importance of making sure you are getting unbiased information, the law does no allow us to pay for counseling, but it is not expensive and every counseling agency has programs in place to assist with this cost, if needed.
BCI will arrange for an appraisal of your home. The appraiser will call you to make an appointment for a time that is convenient for you. The appraiser will submit his appraisal of your home to BCI and we will make a copy for you. The value of your home as determined by that appraisal will help determine the amount of money you will actually receive on your Reverse Mortgage.
When BCI has all of the necessary documentation, we will submit your package for approval to our HUD endorsed lender. Upon approval, we will confirm with you how you want to receive payments and we will arrange for a meeting at your home to sign the loan documents.
After you sign the loan documents, there is a mandatory three business day waiting period during which time you may still cancel the loan. After the waiting period, if you choose not to cancel, you will receive payments in the manner you requested.
Get on with your life. Enjoy lunch with friends, golf, travel or enjoy time with your grandchildren. Do all of the things YOU always wanted now that you have the ‘peace of mind’ that comes with financial independence.
Reverse Mortgage Success Stories
Poor health should not mean losing your home…
A BCI Originator got a phone call from the daughter of an 85 year old women with serious health problems. The bank was going to foreclose on the mother’s property which was located in East Haven, CT. BCI discussed the possibility of a Reverse Mortgage and it turned out that it was one of the few options this customer had to remain in her home.
We took the application on a Wednesday and on that Friday; a local sheriff placed a “foreclosure auction” sign on the lawn of the home. The sign had an auction date on Saturday, two weeks hence. The daughter placed a frantic phone call to BCI to see if there was anything I could do.
We spoke with and wrote letters to the bank and their attorney requesting that they delay the foreclosure to allow for processing of the Reverse Mortgage since there would be sufficient funds to pay them in full. They agreed to a one month extension.
The loan closing went smoothly, the bank was paid out and there were even funds available to pay other bills that were in past due. Without the availability of our Reverse Mortgage program, there would have been no alternative other than selling the home. The customer and her daughter were delighted with the outcome.
Reverse Mortgage helps people to live more comfortably…
A customer from Mystic CT wrote: My husband and I, with the help of our children, looked into a Reverse Mortgage because of our financial needs. Our cost of living was going up while our retirement funds were going down, and it was getting harder to make ends meet. The application process went very smoothly. All of the details of the Reverse Mortgage were clearly explained, and any questions we had were thoroughly answered. We are very happy with our decision to get a Reverse Mortgage.
Physical handicap should not mean you have to move out of your home...
Another customer wrote: My Mom and Dad have lived in their home for over 50 years. Even though their house is not suitable for my father’s physical needs, there is no other place they could ever call home. So my sisters and I were faced with the challenge of allowing them the dignity of staying in their home while addressing their increasing physical needs. We were pleased to find out that a Reverse Mortgage was the solution to our problem. From the money they were able to receive, we installed a new handicapped-accessible shower and a chair lift to the second floor. Our parents also chose to receive a monthly check to help with their prescription expenses. Mom and Dad feel proud that they could “do it on their own”, and not burden their children.
Sudden loss of income does not have to end in disaster
A daughter in law wrote: My husbands parents sold their mortgage-free home and built their dream home just 4 years ago. They are comfortable and since my father in-law planned to work for at least 7 more years, they were at ease with the fact that they had a small mortgage. Then the company he worked for closed its doors and everyone was laid off.. Now they are faced with the financial difficulty of monthly health insurance and mortgage payments in addition to their other bills. They were so troubled, they contemplated selling the home. This broke my heart. They labored all their lives; they deserved to be blissful in their dream home. Since they had equity in their new home, we looked into the advantages of a reverse mortgage. This was exactly what they needed. They were able to pay off their mortgage with the Reverse Mortgage and still had money left to receive a monthly check which helps with the health insurance payments. It is so reassuring to see them enjoy their home without the economic worries they once had.
A tragic illness made easier to bear...
A Niece wrote in - My single Aunt is 71 years old and she is very proud of her cottage-like home where she lives alone. Recently she was diagnosed with incurable colon cancer; she was given only a short time to live. She very much wanted to spend whatever time she had left in the home she worked for and loved. Social security and pension would not be enough to provide the round-the-clock care that she needed. A home equity loan didn’t make sense, since there would be monthly payments to make. As her power-of-attorney, I helped arrange a Reverse Mortgage for her with an 2 year term which provides her with all the money she needs each month to pay for her in-home health care. We are hoping that, by some miracle, she is still with us when the term of her reverse mortgage runs out because we learned that she could still live there, her home will not be taken away from her. Now she receives a large check each month which makes it possible for her to stay in the home she loves.
Common Misconceptions
- You can't qualify for a Reverse Mortgage if you already have a mortgage on your home.
- The bank will own my home after I get a Reverse Mortgage.
- When a Reverse Mortgage comes due, the bank sells my home.
- Reverse Mortgages are only for the most desperate situations.
FALSE: Even seniors who have an outstanding mortgage or some other debt on their home may qualify. The proceeds of the reverse mortgage would be used to pay off such debts and the remainder would be available to you.
FALSE: You retain ownership of your home just as you would if you were to take a "regular" mortgage. However, if you permanently move out or the home passes to your estate, the loan must be repaid.
FALSE: When the loan must be repaid, you or your heirs can either pay the balance due on the reverse mortgage or sell the home and use the proceeds to pay off the reverse mortgage.
FALSE: The Reverse Mortgage is a tool used by seniors from all walks of life to enhance their retirement years, not just for those with difficult financial problems.
Reverse Mortgage FAQ's
What is a reverse mortgage?
A reverse mortgage is a unique type of loan that offers homeowners age 62 and older an opportunity to convert the equity in their home into available cash. Financial security is achieved with this federally-insured loan without worries about repayment until you no longer live in your home. So you can never be forced out of your home for “missing a payment”.
Are there different types of Reverse Mortgages?
Yes, there are different types of reverse mortgage programs that are designed to fit different situations. The programs each have their own unique set of guidelines, which need to be considered to insure that the best program is chosen to meet the needs of the consumer.
*FHA - Home Equity Conversion Mortgage [HECM] - The Home Equity Conversion Mortgage is the most popular and flexible reverse mortgage program available. This program gives the consumer the most available money and the most flexibility in considering how a consumer will take the available funds. This program is available with monthly and annual rate adjustment features or as a fixed rate product.
*Cash Accounts - The Cash Account programs are not insured by the U.S. Government and they are designed for homes that are higher in value and/or for consumers looking for a unique financial planning tool. There are Cash Account program available through BCI that provide consumers access to more of the equity in their home than the government programs.
Who is eligible?
If you own a single family home or condominium and you are at least 62 years old, then you will probably qualify. There are no credit or income qualifications to obtain a reverse mortgage.
How much money can I get?
The amount of cash available from a reverse mortgage depends on your age, your home's value and location, and current interest rates. Call BCI for a free, no-obligation personal meeting and/or calculation.
How do I receive the money?
You have several choices. You can take all of the money in one lump sum, as automatic monthly installments, a line of credit or a combination of these.
Are there any restrictions on what I can use the money for?
No. It is your money to use as you would like. Some people pay for the necessities of home health care, medication, property taxes and home repairs; while others choose to travel or pursue an education; and still others just want the comfort of knowing they have a cushion against the unexpected. We do caution against using the proceeds to purchase an annuity, as the typical Reverse Mortgage works in a similar manner to an annuity.
How is a reverse mortgage different from a home equity loan?
Both loans convert the equity in your home into available cash, but in very different ways. With a Home Equity loan, you must have sufficient income to qualify and you must make monthly payments. With a Reverse Mortgage, there are NO income requirements, NO monthly payments, and the reverse mortgage PAYS YOU!
Call BCI today at 866-224-2677 or fill out the Application