Reverse mortgages (sometimes referred to as “home equity conversion loans”) enable older homeowners to benefit from their home equity without selling their home. The lender pays out money determined by your home equity amount; you receive a one-time amount, a payment each month or a line of credit. The loan does not have to be repaid until the borrower sells his residence, moves out, or dies. You or representative of your estate has to pay back the reverse mortgage loan, interest , and finance charges when your home is sold, or you no longer live in it.
Are you Eligible?
The conditions of a reverse mortgage loan usually are being 62 or older, maintaining the house as your primary residence, and having a small balance on your mortgage or having paid it off.
Many homeowners who live on a fixed income and need additional money find reverse mortgages ideal for their situation. Rates of interest may be fixed or adjustable while the money is nontaxable and does not interfere with Medicare or Social Security benefits. Your lender cannot take away your residence if you live past the loan term nor may you be required to sell your home to pay off the loan amount even when the loan balance grows to exceed current property value. Call us at 7032555810 to look into your reverse mortgage options.