With a reverse mortgage loan (sometimes referred to as a a home equity conversion loan), borrowers of a certain age may use home equity for anything they need without having to sell their homes. Choosing between a monthly amount, a line of credit, or a one-time payment, you can receive a loan amount determined by your equity. The borrowed money does not have to be paid back until the homeowner sells the home, moves away, or dies. After you sell your property or you no longer use it as your primary residence, you (or your estate) are obligated to pay back the lending institution for the cash you received from the reverse mortgage in addition to interest and other fees.
Most reverse mortgages require youto be at least sixty-two years of age, have a low or zero balance owed against your home and use the home as your main living place.
Homeowners who live on a fixed income and have a need for additional money find reverse mortgages helpful for their circumstance. Interest rates can be fixed or adjustable and the funds are nontaxable and do not interfere with Medicare or Social Security benefits. Your house is never at risk of being taken away from you by the lender or sold without your consent if you outlive the loan term - even if the current property value creeps below the loan balance. Call us at (650) 689-5684 to look into 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.