Reverse mortgages (sometimes referred to as "home equity conversion loans") enable older homeowners to benefit from their built-up equity without selling their home. Choosing between a monthly payment amount, a line of credit, or a lump sum, you can take out a loan amount determined by your home equity. The borrowed money does not have to be paid back until the borrower sells his home, moves away, or dies. When you sell your home or is no longer used as your primary residence, you (or your estate) have to repay the lender for the funds you received from the reverse mortgage as well as interest and other finance charges.
Generally, reverse mortgages are offered to homeowners who are at least sixty-two years old, have a small or zero balance in a mortgage and use the house as your principal residence.
Homeowners who are on a limited income and find themselves needing additional money find reverse mortgages advantageous for their situation. Interest rates can be fixed or adjustable and the money is nontaxable and does not adversely affect Medicare or Social Security benefits. The home will never be at risk of being taken away by the lender or put up for sale against your will if you live longer than your loan term - even if the property value dips under the loan balance. Call us at 6507631924 to discuss your reverse mortgage options.
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