Reverse mortgages (sometimes called "home equity conversion loans") enable older homeowners to tap into built-up home equity without having to sell their home. The lending institution gives you money based on your home equity amount; you get a one-time amount, a payment each month or a line of credit. Paying back your loan isn't required until the time the homeowner puts his home up for sale, moves (such as to a retirement community) or passes away. You or your estate representative has to repay the reverse mortgage amount, interest , and other finance charges when your property is sold, or you are no longer living in it.
The conditions of a reverse mortgage generally are being 62 or older, using the home as your primary living place, and having a small balance on your mortgage or having paid it off.
Reverse mortgages can be great for retired homeowners or those who are no longer working and must add to their income. Social Security and Medicare benefits can't be affected; and the money is nontaxable. Reverse Mortgages may have adjustable or fixed rates. The home is never in danger of being taken away from you by the lender or sold against your will if you live longer than the loan term - even if the current property value goes below the balance of the loan. Call us at 6507631924 to discuss your reverse mortgage options.
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