Reverse mortgages (sometimes referred to as "home equity conversion loans") enable older homeowners to tap into home equity without the necessity of selling their home. Deciding how you would like to be paid: by a monthly payment, a line of credit, or a one-time payment, you can take out a loan amount determined by your home equity. The borrowed money doesn't have to be repaid until the borrower sells his residence, moves away, or dies. You or an estate representative must pay back the reverse mortgage funds, interest , and finance charges after your home is sold, or you no longer live in it.
The requirements of a reverse mortgage loan typically include being sixty-two or older, maintaining your home as your primary residence, and holding a small balance on your mortgage or having paid it off.
Homeowners who live on a limited income and have a need for additional funds find reverse mortgages advantageous for their situation. Social Security and Medicare benefits aren't affected; and the money is not taxable. Reverse Mortgages can have adjustable or fixed interest rates. Your lending institution can't take the property away if you live past the loan term nor will you be made to sell your home to pay off your loan even if the loan balance grows to exceed current property value. Contact us at 6507631924 if you'd like to explore the benefits of reverse mortgages.
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