Statewide Bancorp Reverse Mortgages go to $6 million

Homeowners in their golden years will soon have relief from rising expenses, and it’s coming from a familiar source: their homes. Statewide Bancorp is now offering Reverse Mortgage’s with loans up to 6 million dollars. Rancho Cucamonga, CA (PRWEB) August 29, 2007 — Homeowners in their golden years will soon have relief from rising expenses, and it’s coming from a familiar source: their homes.

Statewide Bancorp announced this week it will offer reverse mortgages, which allow homeowners age 62 and up to convert part of their home equity into tax-free income. Payouts can come as a lump sum, a monthly income, a line of credit, or a combination of all three.

“Rising energy costs, rising healthcare costs, and taxes are making it difficult for Seniors to enjoy their golden years,” says Statewide Bancorp’s COO Alex Diaz, Jr. “Reverse mortgages provide a much-needed financial flexibility.”

The homeowner will never have to make a payment as long as they occupy the home, which is why many borrowers are using reverse mortgages, even for purchasing a home. Statewide now offers these mortgages with loans up to 6 million dollars.

The new product can also help eligible homeowners generate cash for home improvements, travel and other out-of-pocket expenses. (more…)

Written by charles dennis on August 16th, 2007 with no comments.
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