Reverse mortgages (also referred to as "home equity conversion loans") give older homeowners the ability to use their built-up home equity without selling 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 can receive a loan amount determined by your home equity. The borrowed money doesn't have to be paid back until the borrower sells the residence, moves away, or passes away. At the time you sell your property or you no longer use it as your primary residence, you (or your estate) are required to pay back the lender for the cash you obtained from the reverse mortgage in addition to interest and other finance charges.
The conditions of a reverse mortgage loan often include being sixty-two or older, maintaining your home as your main residence, and holding a low remaining mortgage balance or owning your home outright.
Many homeowners who are on a limited income and have a need for additional money find reverse mortgages helpful for their situation. Social Security and Medicare benefits can't be affected; and the money is not taxable. Reverse Mortgages may have adjustable or fixed rates. The house is never in danger of being taken away by the lender or sold without your consent if you live longer than the loan term - even if the property value dips under the loan balance. Call us at 703.255-5810 if you want to explore the advantages of reverse mortgages.
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