Reverse mortgages (sometimes called "home equity conversion loans") give older homeowners the ability to use their equity without having to sell their home. Deciding how you'd like to be paid: by a monthly payment amount, a line of credit, or a one-time payment, you may get a loan amount determined by your home equity. Repayment is not necessary until after the borrower sells the home, moves (such as to a care facility) or dies. When you sell your property or you no longer use it as your main residence, you (or your estate) are obligated to repay the lender for the cash you got from your reverse mortgage in addition to interest and other fees.
Typically, reverse mortgages are offered to homeowners at least sixty-two years old, have a small or zero balance owed against the home and use the house as your principal residence.
Reverse mortgages can be appropriate for homeowners who are retired or no longer working but have a need to add to their limited income. Interest rates can be fixed or adjustable while the money is nontaxable and doesn't interfere with Medicare or Social Security benefits. Your home will never be at risk of being taken away by the lending institution or sold against your will if you outlive the loan term - even if the property value goes below the balance of the loan. Contact us at 5122916100 to look into your reverse mortgage options.
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