Reverse Mortgages:the Facts

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In a reverse mortgage loan (also referred to as a a home equity conversion loan), borrowers of a certain age may use home equity for living expenses without having to sell their homes. Deciding how you would prefer to to receive your funds: by a monthly payment amount, a line of credit, or a lump sum, you may receive a loan amount determined by your home equity. The borrowed money does not have to be repaid until the homeowner sells his home, moves out, or dies. When you sell your home or is no longer used as your main residence, you (or your estate) are obligated to repay the lender for the cash you received from the reverse mortgage plus interest and other fees.

Who is Eligible?

Typically, reverse mortgages require you be at least sixty-two years old, have a small or zero balance owed against your home and maintain the property as your main living place.

Homeowners who live on a fixed income and find themselves needing additional money find reverse mortgages helpful for their situation. Social Security and Medicare benefits can't be affected; and the funds are not taxable. Reverse Mortgages can have adjustable or fixed interest rates. Your house will never be in danger of being taken away by the lending institution or put up for sale without your consent if you outlive your loan term - even if the current property value dips below the balance of the loan. Call us at 5122916100 to look into your reverse mortgage options.

Southwest Funding #841
Company NMLS # 303440 can walk you through the pitfalls of getting a reverse mortgage. Call us: 5122916100.

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Southwest Funding #841
Company NMLS # 303440

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7901 Cameron Road Bldg 2 Ste 246
Austin, TX 78754