Reverse mortgages (sometimes referred to as "home equity conversion loans") give older homeowners the ability to use their built-up equity without the necessity of selling their home. Deciding how you'd prefer to to receive your funds: by a monthly payment amount, a line of credit, or a lump sum, you can receive a loan based on your equity. Repayment is not required until when the borrower puts his home up for sale, moves (such as into a care facility) or passes away. At the time your home has been sold or you no longer use it as your main residence, you (or your estate) have to repay the lending institution for the money you obtained from the reverse mortgage plus interest and other finance charges.
The requirements of a reverse mortgage loan usually are being sixty-two or older, maintaining the property as your main residence, and having a small balance on your mortgage or owning your home outright.
Homeowners who are on a limited income and have a need for additional money find reverse mortgages ideal for their situation. Interest rates can be fixed or adjustable and the funds are nontaxable and don't affect Medicare or Social Security benefits. Your home can never be at risk of being taken away from you by the lending institution or put up for sale without your consent if you live longer than your loan term - even if the current property value goes below the loan balance. Call us at 6507631924 if you want to explore the advantages of reverse mortgages.
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