Reverse mortgages (also referred to as "home equity conversion loans") enable older homeowners to tap into built-up equity without the necessity of selling their home. Choosing between a monthly payment, a line of credit, or a lump sum, you may take out a loan based on your equity. The borrowed money does not have to be repaid until the borrower sells the home, moves away, or dies. After your house has been sold or you no longer use it as your primary residence, you (or your estate) must repay the lending institution for the money you received from your reverse mortgage in addition to interest and other fees.
The conditions of a reverse mortgage loan typically are being 62 or older, maintaining your property as your primary residence, and having a small balance on your mortgage or having paid it off.
Homeowners who live on a limited income and need additional money find reverse mortgages advantageous for their circumstance. Social Security and Medicare benefits won't be affected; and the money is nontaxable. Reverse Mortgages may have adjustable or fixed interest rates. The residence will never be at risk of being taken away by the lending institution or put up for sale without your consent if you outlive your loan term - even if the property value goes below the loan balance. Contact us at 6507631924 if you want to explore the benefits of reverse mortgages.
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