Reverse mortgages (sometimes called "home equity conversion loans") give older homeowners the ability to benefit from their home equity without having to sell their home. Choosing between a monthly amount, a line of credit, or a one-time payment, you may take out a loan based on your equity. The loan does not have to be repaid until the homeowner sells his home, moves away, or passes away. You or your estate representative is required to pay back the reverse mortgage amount, interest accrued, and finance fees at the time your property is sold, or you are no longer living in it.
The requirements of a reverse mortgage loan generally include being 62 or older, maintaining your house as your primary residence, and having a small balance on your mortgage or owning your home outright.
Homeowners who live on a limited income and find themselves needing additional money find reverse mortgages advantageous for their situation. Social Security and Medicare benefits aren't affected; and the money is nontaxable. Reverse Mortgages may have adjustable or fixed interest rates. Your house is never in danger of being taken away by the lender or put up for sale without your consent if you outlive the loan term - even if the current property value creeps under the loan balance. Contact us at 6507631924 to look into your reverse mortgage options.
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