Reverse mortgages (sometimes called "home equity conversion loans") give older homeowners the ability to use their home equity without selling their home. Deciding how you would prefer to be paid: by a monthly payment amount, a line of credit, or a one-time payment, you can receive a loan amount determined by your home equity. The borrowed money does not have to be repaid until the borrower sells the residence, moves away, or dies. You or your estate representative is obligated to repay the reverse mortgage funds, interest , and other finance fees when your property is sold, or you no longer live in it.
The conditions of a reverse mortgage loan generally are being 62 or older, using the home as your main living place, and having a low remaining mortgage balance or having paid it off.
Many homeowners who live on a limited income and find themselves needing additional funds find reverse mortgages helpful for their situation. Rates of interest may be fixed or adjustable and the funds are nontaxable and do not interfere with Medicare or Social Security benefits. The house is never at risk of being taken away by the lending institution or sold against your will if you live longer than your loan term - even if the property value goes below the loan balance. Call us at 866-300-1550 to discuss your reverse mortgage options.
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