In a reverse mortgage loan (sometimes called a home equity conversion loan), homeowners of a certain age may use home equity for anything they need without having to sell their homes. Deciding how you prefer to to receive your money: by a monthly amount, a line of credit, or a one-time payment, you may get a loan based on your equity. Paying back your loan isn't necessary until after the borrower puts his home up for sale, moves (such as to a care facility) or dies. You or representative of your estate has to repay the reverse mortgage funds, interest , and finance fees at the time your house is sold, or you are no longer living in it.
Usually, reverse mortgages require you be at least sixty-two years of age, have a low or zero balance in a mortgage and use the house as your principal residence.
Many homeowners who are on a fixed income and have a need for additional money find reverse mortgages helpful for their situation. Interest rates may be fixed or adjustable while the funds are nontaxable and don't interfere with Social Security or Medicare benefits. The house can never be in danger of being taken away by the lender or sold against your will if you live longer than your loan term - even if the current property value goes under the loan balance. If you'd like to find out more about reverse mortgages, please contact us at 5122916100.
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