Welcome to FirstBank’s Senior Lending Division
We hope you’ll join the thousands of homeowners across the US who have turned their home equity into cash with our home equity conversion mortgage services.
Home Equity Conversion Mortgages
A Home Equity Conversion Mortgage, also known as a reverse mortgage, allows you to convert the equity in your home into a liquid asset, giving you the cash and freedom to do the things you’ve always wanted to do. There’s no minimum credit score obligation, and you’ll have peace-of-mind knowing our mortgage products are backed by the Federal Housing Authority (FHA). Our HECM experts will guide you step-by-step through the entire mortgage process.
At FirstBank, the customer is our number one priority. As a business with a local focus, we want to help members of all communities with their financial needs. We have been in business since 1906, and still believe in providing good old-fashioned customer service. We are FDIC insured, we maintain an A+ BBB rating, and someone is always available to answer your questions. We are the most reputable resource for your mortgage needs! We value our senior clients and we will discuss all ranges of mortgages to help you decide what makes sense.
Watch Ed O’Connor discuss Home Equity Conversion Mortgages on The Balancing Act® on Lifetime TV®
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FREQUENTLY ASKED QUESTIONS
What is a Home Equity Conversion Mortgage? (HECM-pronounced “hek-um”)
Reverse mortgages are formally known as a Home Equity Conversion Mortgages. These mortgages are sponsored and insured by the Federal Housing Authority (FHA) and the Department of Housing and Urban Development (HUD). This special type of mortgage allows the borrower to access equity into tax free proceeds that do not require a monthly mortgage payment.
FirstBank is a TN State chartered Depository Bank regulated by the TDFI and the FDIC. A Reverse Mortgage is an FHA-insured loan. Homeowners must be 62 years of age of older and live in the home as their primary residence. Homes must meet FHA/HUD minimum property standards. Borrowers must maintain hazard and flood insurance premiums, property taxes, utilities and make any property repairs. Although there are no monthly principal and interest mortgage payments, interest accrues on the portion of the loan amount disbursed. Reverse mortgages can use up all or some of the equity in your home and the amount you owe on a reverse mortgage will increase over time. Loan must meet underwriting requirements. Program rates, fees, terms and conditions are not available in all states and subject to change. FirstBank Mortgage is a division of FirstBank. All products and services offered through FirstBank NMLS# 472433. This document is advertising by FirstBank and is not from FHA/HUD. This document is not approved by any government agency. A reverse mortgage is a loan. ©FB FirstBank-3500 Blue Lake Dr., Ste 325, Birmingham, AL 35243