With a reverse mortgage (also called a home equity conversion loan), borrowers of a certain age may use home equity for living expenses without having to sell their homes. Choosing between a monthly payment, a line of credit, or a one-time payment, you may receive a loan amount determined by your home equity. The borrowed money doesn't have to be paid back until the borrower sells his home, moves out, or dies. When your house has been sold or you no longer use it as your main residence, you (or your estate) have to pay back the lending institution for the cash you received from the reverse mortgage in addition to interest among other fees.
The conditions of a reverse mortgage loan normally are being sixty-two or older, using the home as your main residence, and having a small balance on your mortgage or owning your home outright.
Reverse mortgages are appropriate for homeowners who are retired or no longer bringing home a paycheck and have a need to add to their income. Social Security and Medicare benefits will not be affected; and the money is nontaxable. Reverse Mortgages can have adjustable or fixed rates. Your lending institution can't take the property away if you live past the loan term nor will you be obligated to sell your residence to pay off the loan even if the balance is determined to exceed property value. Call us at 6507631924 if you'd like to explore the benefits of reverse mortgages.
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