Reverse mortgages (also called "home equity conversion loans") give older homeowners the ability to use their home equity without selling their home. The lender gives you money determined by the equity you've built-up in your home; you receive a lump sum, a payment each month or a line of credit. The loan does not have to be repaid until the borrower sells the residence, moves away, or dies. You or your estate representative is obligated to pay back the reverse mortgage loan, interest , and finance fees after your property is sold, or you can no longer use it as your primary residence.
The conditions of a reverse mortgage generally include being sixty-two or older, maintaining the house as your main residence, and having a small remaining mortgage balance or owning your home outright.
Reverse mortgages are appropriate for retired homeowners or those who are no longer bringing home a paycheck but must add to their limited income. Interest rates can be fixed or adjustable while the money is nontaxable and doesn't affect Medicare or Social Security benefits. Your lending institution will not take away your property if you live past the loan term nor will you be forced to sell your residence to pay off the loan even when the balance is determined to exceed current property value. Contact us at 6507631924 to discuss your reverse mortgage options.
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