With a reverse mortgage (sometimes called a home equity conversion loan), borrowers of a certain age may use home equity for anything they need without having to sell their homes. The lender pays you money determined by your home equity amount; you get a one-time amount, a monthly payment or a line of credit. The borrowed money doesn't have to be repaid until the homeowner sells his residence, moves out, or dies. When you sell your property or you no longer use it as your main residence, you (or your estate) have to pay back the lending institution for the money you received from the reverse mortgage plus interest among other fees.
Most reverse mortgages are available for homeowners who are at least sixty-two years of age, have a low or zero balance owed against the home and use the house as your main residence.
Homeowners who are on a limited income and have a need for additional funds find reverse mortgages helpful for their situation. Social Security and Medicare benefits are not affected; and the money is nontaxable. Reverse Mortgages may have adjustable or fixed interest rates. The lending institution cannot take away your house if you live past the loan term nor will you be forced to sell your home to repay your loan even when the loan balance grows to exceed property value. Contact us at 6507631924 to explore your reverse mortgage options.
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