Reverse mortgage loans are experiencing a dramatic increase in popularity. Lenders and banks are beginning to realize this and are making a shift towards the reverse mortgage market.

A reverse mortgage offers an older homeowner the ability to tap into the equity of the home. A reverse mortgages works almost like getting a fixed-amount, monthly pension paycheck. But, instead of making a monthly payment to a bank, the bank writes a check to the homeowner and then adds that dollar amount to principle amount owed on the property.

First Midwest Bank offers two Reverse Equity Loan products; the Home Equity Conversion Mortgage (HECM) is available through the Federal Housing Administration and the HomeKeeper® Reverse Mortgage is available through Fannie Mae, a private company chartered by the U.S. government.