With a reverse mortgage (sometimes called a home equity conversion loan), borrowers of a certain age may use home equity for living expenses without selling their homes. Deciding how you would prefer to be paid: by a monthly payment, a line of credit, or a lump sum, you may receive a loan amount determined by your home equity. The loan does not have to be repaid until the homeowner sells his residence, moves out, or dies. You or an estate representative must repay the reverse mortgage funds, interest , and other finance charges at the time your property is sold, or you no longer live in it.
The conditions of a reverse mortgage typically include being 62 or older, maintaining your property as your main residence, and having a small balance on your mortgage or having paid it off.
Homeowners who live on a fixed income and have a need for additional funds find reverse mortgages helpful for their circumstance. Social Security and Medicare benefits are not affected; and the funds are not taxable. Reverse Mortgages may have adjustable or fixed interest rates. The lending institution cannot take the property away if you live past the loan term nor may you be made to sell your residence to pay off your loan even if the balance grows to exceed property value. Contact us at 6507631924 to discuss your reverse mortgage options.
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.