Reverse mortgages (also referred to as "home equity conversion loans") give older homeowners the ability to benefit from their built-up equity without the necessity of selling their home. Choosing between a monthly amount, a line of credit, or a lump sum, you may get a loan amount determined by your home equity. The loan doesn't have to be repaid until the homeowner sells the home, moves away, or dies. You or representative of your estate must repay the reverse mortgage loan, interest , and finance fees after your house is sold, or you can no longer call it your primary residence.
Most reverse mortgages require you be at least 62 years old, have a small or zero balance in a mortgage and use the property as your principal living place.
Homeowners who are on a fixed income and find themselves needing additional money find reverse mortgages ideal for their circumstance. Social Security and Medicare benefits are not affected; and the money is not taxable. Reverse Mortgages can have adjustable or fixed rates. The lending institution cannot take the property away if you outlive your loan nor can you be required to sell your home to pay off the loan amount even if the loan balance is determined to exceed property value. Call us at 866-300-1550 if you would like to explore the advantages of reverse mortgages.
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