In a reverse mortgage (also called a home equity conversion loan), homeowners of a certain age may use home equity for living expenses without having to sell their homes. Deciding how you would like to to receive your money: by a monthly payment amount, a line of credit, or a lump sum, you may get a loan based on your equity. Repayment is not necessary until the time the borrower puts his home up for sale, moves (such as to a retirement community) or dies. You or representative of your estate is required to pay back the reverse mortgage funds, interest , and other finance fees after your house is sold, or you can no longer use it as your primary residence.
The conditions of a reverse mortgage often include being 62 or older, using the home as your main residence, and having a low balance on your mortgage or having paid it off.
Many homeowners who are on a limited income and have a need for additional funds find reverse mortgages ideal for their situation. Interest rates may be fixed or adjustable while the funds are nontaxable and do not adversely affect Social Security or Medicare benefits. The house can never be in danger of being taken away by the lending institution or sold against your will if you live past the loan term - even if the current property value dips under the balance of the loan. Contact us at 6507631924 if you'd like to explore the benefits of reverse mortgages.
Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.