Reverse mortgages (sometimes called "home equity conversion loans") enable older homeowners to benefit from their built-up equity without the necessity of selling their home. Choosing between a monthly payment, a line of credit, or a one-time payment, you may receive a loan based on your home equity. The borrowed money does not have to be paid back until the homeowner sells the home, moves away, or passes away. You or representative of your estate has to repay the reverse mortgage loan, interest , and other finance fees when your home is sold, or you are no longer living in it.
The conditions of a reverse mortgage generally include being 62 or older, maintaining the house as your main living place, and holding a small remaining mortgage balance or owning your home outright.
Reverse mortgages are great for homeowners who are retired or no longer bringing home a paycheck and must add to their limited income. Social Security and Medicare benefits won't be affected; and the funds are nontaxable. Reverse Mortgages can have adjustable or fixed rates. The residence is never at risk of being taken away from you by the lending institution or put up for sale without your consent if you outlive the loan term - even if the property value dips below the balance of the loan. Call us at 5122916100 to discuss your reverse mortgage options.
Do you have a question regarding a mortgage program?