Reverse mortgages (also called "home equity conversion loans") enable older homeowners to use their built-up equity without having to sell their home. Choosing between a monthly payment amount, a line of credit, or a lump sum, you can take out a loan based on your equity. The loan does not have to be paid back until the borrower sells his residence, moves out, or dies. You or an estate representative is required to repay the reverse mortgage funds, interest accrued, and other finance charges after your home is sold, or you are no longer living in it.
The requirements of a reverse mortgage loan usually include being sixty-two or older, using the house as your primary residence, and having a small balance on your mortgage or having paid it off.
Reverse mortgages can be appropriate for homeowners who are retired or no longer bringing home a paycheck but need to add to their limited income. Social Security and Medicare benefits can't be affected; and the money is nontaxable. Reverse Mortgages may have adjustable or fixed interest rates. The home will never be in danger of being taken away from you by the lending institution or sold against your will if you live past the loan term - even if the property value goes below the loan balance. Call us at 6507631924 if you'd like to explore the benefits of reverse mortgages.
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