Reverse Mortgages:the Facts

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Reverse mortgages (also called "home equity conversion loans") enable older homeowners to use their built-up home equity without selling their home. Choosing between a monthly payment amount, a line of credit, or a lump sum, you can take out a loan based on your equity. Repayment is not necessary until the time the borrower sells the property, moves (such as to a care facility) or passes away. You or representative of your estate is obligated to pay back the reverse mortgage funds, interest , and other finance fees when your property is sold, or you are no longer living in it.

Who is Eligible?

The conditions of a reverse mortgage usually include being sixty-two or older, maintaining the house as your primary living place, and holding a low balance on your mortgage or having paid it off.

Many homeowners who are on a fixed income and have a need for additional funds find reverse mortgages advantageous for their situation. Interest rates can be fixed or adjustable while the money is nontaxable and does not interfere with Social Security or Medicare benefits. The residence is never at risk of being taken away by the lender or put up for sale against your will if you live longer than the loan term - even if the current property value dips below the balance of the loan. Call us at 720-598-8300 if you want to explore the benefits of reverse mortgages.

Foxfield Financial can walk you through the pitfalls of getting a reverse mortgage. Give us a call: 720-598-8300.

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