Reverse mortgages (sometimes referred to as "home equity conversion loans") give older homeowners the ability to tap into home equity without selling their home. Choosing between a monthly payment, a line of credit, or a one-time payment, you can receive a loan amount determined by your equity. The loan does not have to be paid back until the homeowner sells his home, moves out, or dies. When your house sells or is no longer used as your primary residence, you (or your estate) have to pay back the lending institution for the money you got from your reverse mortgage in addition to interest among other finance charges.
Most reverse mortgages are offered to homeowners at least sixty-two years of age, have a small or zero balance in a mortgage and use the property as your main residence.
Many homeowners who are on a fixed income and have a need for additional money find reverse mortgages ideal for their situation. Social Security and Medicare benefits can not be affected; and the funds are nontaxable. Reverse Mortgages can have adjustable or fixed interest rates. The lender can't take away your residence if you outlive your loan nor will you be made to sell your home to repay the loan amount even when the loan balance grows to exceed property value. Call us at 6507631924 if you want to explore the advantages of reverse mortgages.
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