In a reverse mortgage loan (sometimes called a home equity conversion loan), borrowers of a certain age may use home equity for living expenses without selling their homes. Deciding how you would like to be paid: by a monthly payment, a line of credit, or a lump sum, you may receive a loan amount determined by your equity. Paying back your loan isn't necessary until when the homeowner puts his home up for sale, moves (such as into a care facility) or passes away. You or representative of your estate is required to pay back the reverse mortgage loan, interest , and finance charges at the time your house is sold, or you can no longer use it as your primary residence.
Generally, reverse mortgages are appropriate for homeowners at least 62 years of age, have a low or zero balance owed against your home and use the property as your principal living place.
Many homeowners who are on a fixed income and find themselves needing additional money find reverse mortgages advantageous for their situation. Social Security and Medicare benefits can not be affected; and the funds are not taxable. Reverse Mortgages may have adjustable or fixed interest rates. The house 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 past your loan term - even if the property value dips under the balance of the loan. Call us at 6507631924 to discuss your reverse mortgage options.
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