Reverse mortgages (sometimes referred to as "home equity conversion loans") give older homeowners the ability to use their home equity without selling their home. Deciding how you would prefer to to receive your funds: by a monthly payment amount, a line of credit, or a one-time payment, you may receive a loan based on your home equity. The borrowed money doesn't have to be repaid until the homeowner sells his home, moves out, or dies. You or representative of your estate must repay the reverse mortgage amount, interest , and other finance fees after your house is sold, or you can no longer use it as your primary residence.
The conditions of a reverse mortgage loan typically are being 62 or older, using the house as your primary residence, and having a small balance on your mortgage or having paid it off.
Reverse mortgages can be helpful for retired homeowners or those who are no longer bringing home a paycheck and must supplement their income. Social Security and Medicare benefits aren't affected; and the money is not taxable. Reverse Mortgages may have adjustable or fixed interest rates. The residence is never in danger of being taken away from you by the lender or sold without your consent if you live longer than the loan term - even if the current property value goes below the loan balance. Contact us at 866-300-1550 to discuss your reverse mortgage options.
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