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Reverse Mortgages
What is a Reverse Mortgage?
A reverse mortgage is a loan for senior homeowners that use a portion of the home's equity as collateral. The loan generally does not have to be repaid until the last surviving homeowner permanently moves out of the property or passes away. At that time, the estate has approximately 6 months to repay the balance of the reverse mortgage or sell the home to pay off the balance. All remaining equity is inherited by the estate. The estate is not personally liable if the home sells for less than the balance of the reverse mortgage.
Mortgage Rates
May 23, 2013
| Loans to $417,000 | Rate | APR* |
| 30 Year Fixed | 3.750% | 3.847% |
| 15 Year Fixed | 2.875% | 3.006% |
| 5/1 ARM Rates | 2.375% | 3.169% |
| 7/1 ARM Rates | 2.500% | 3.105% |
| 30 Year FHA | 3.375% | 3.806% |
| 15 Year FHA | 2.750% | 3.174% |
| Loans to $625,500 | Rate | APR* |
| Super/Conf 30 | 3.825% | 4.025% |
| Super/Conf 15 | 3.250% | 3.698% |
| Super/Conf 5/1 | 3.125% | 3.510% |
| *Annual Percentage Rate Rates are 30 day lock and for new applications only. Subject to change without notice. |
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News & Events
Press Releases
May
1st Constitution Bancorp Reports a 13.6% Increase In Net Income
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Jan
1st Constitution Bancorp Reports Strong Fourth Quarter and Annual Results
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