Mortgages / Home Equity  >   Mortgage Loans Menu  >  Reverse Mortgages

Reverse Mortgages

For Massachusetts Homeowners Age 62 or Older
What it is  /  When to choose it  /  How To Apply  /  Payment Protection  /  Help With Insurance  /  Buying or Selling a Home?
 What is a Reverse Mortgage?

A reverse mortgage is a loan against your home that you don't have to repay as long as you live in that home. It is only available to people who are age 62 or older. It was designed for people who want to stay in their homes, have built up equity in them, and need to supplement their incomes. You don't have to pay anything back until you sell your home, permanently move out of your home, or pass away. You can use the cash to make home repairs or improvements, perform routine maintenance, complete special remodeling projects, or almost anything else!
DCU, in partnership with Financial Freedom, is now able to offer reverse mortgages to our qualified members.

Basic Features of a Reverse Mortgage:
  • Choice of lump sum disbursement, monthly disbursement, or a line of credit
  • You still own your home - you may stay in your home and retain the title
  • You will never owe more than the value of your home
  • No monthly mortgage payments are required
  • No income qualifications
  • Closing costs can be rolled into the loan
  • Government regulates the rate
To beginning of page
 When is a reverse mortgage the right choice?

If you own your home or have built-up equity, and if you could benefit from extra cash to supplement your existing income, reduce credit card debt, cover medical expenses, help a loved one or just enjoy life a bit more, a reverse mortgage may be right for you.
Deciding if a reverse mortgage is the right thing to do is an important decision. That's why it's required to complete a counseling session by a non-biased third party prior to loan processing. This way, you can be sure you've made the right decision.

Potential Reverse Mortgage Benefits:
  • Provides easy access to the equity you have built in your home
  • Delivers increased tax-free* monthly income
  • Eliminates monthly mortgage payments
  • Provides funds to improve your quality of life
  • Allows you, as the homeowner, to live in your home
*Consult a tax advisor.

Possible Uses of a Reverse Mortgage:
  • Home repairs and renovations
  • Pay off existing debt
  • Health care and prescription drugs
  • Pay taxes
  • Your grandchildren's education
  • Travel
  • Buy a boat or a summer home
  • Make car repairs or purchase a new car
  • Earn a college degree
  • Almost anything you want
To beginning of page
 How to Apply

Apply by phone – Call 508.804.9116 or 800.328.8797 extension 9116.

To beginning of page


 Payment Protection

Ease your loan payments, protect your family, and safeguard your credit rating. Payment Protection offered by Digital Federal Credit Union helps relieve the financial stress and worry related to making loan payments when your life takes an unexpected turn. To learn more about how Payment Protection works, select here.
To beginning of page


 Need insurance on your home?

DCU Insurance - Auto, Home, Property, Liability
DCU Insurance offers insurance with the personal service you deserve. So whether you have Homeowners Insurance or need it, DCU Insurance could be the right choice for you.
Remember that any insurance required as a condition of the extension of credit by the credit union need not be purchased from DCU Insurance but may, without effecting the approval of the application for credit, be purchased from an agent or insurance company of the member's choice. Insurance products are not deposits of Digital Federal Credit Union (DCU) and are not protected by the NCUA. They are not an obligation of or guaranteed by the credit union and may be subject to risk. Insurance is offered by DCU Financial Insurance Services, LLC, an affiliate of DCU. Business conducted with DCU Insurance is separate and distinct from any business conducted with the credit union. Any questions or concerns regarding this relationship may be addressed to the Office of Consumer Affairs.
To beginning of page


 Buying or Selling a Home?

DCU Realty
DCU Realty is a full-service real estate agency serving home buyers and sellers in Massachusetts and New Hampshire. Our team of certified buyer agents can show you any home on the market - with no out of pocket cost to you. Put a licensed DCU Realty professional on your side before you start your home buying process so you can get the best home on the market at the best price.
Need to sell your home? DCU Realty has several plans to help you get full market value in the least amount of time.
Moving anywhere in the U.S.? DCU Realty's FREE Relocation Service will interview and refer a reputable real estate agent and other service providers to you - at no cost to you.
For more information on any of these great new services, give us a call at (888) 832-8929 or visit www.dcuhomes.com.
To beginning of page
Jump over navigation links to end of page
What's New at DCU | Join Us | New Member Guide | Links | Branches | ATMs | Feedback | Help
Digital Federal Credit Union
Digital Federal Credit Union
220 Donald Lynch Boulevard
PO Box 9130
Marlborough, MA 01752-9130
508.263.6700 • 800.328.8797
 DCU is an Equal Housing Lender    Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government Agency. Select for more information.

® 2008. Digital Federal Credit Union