In a reverse mortgage (sometimes called a home equity conversion loan), homeowners of a certain age may use home equity for anything they need without having to sell their homes. The lending institution gives you funds based on your home equity amount; you get a one-time amount, a payment every month or a line of credit. Paying back your loan is not required until the time the homeowner puts his home up for sale, moves (such as to a care facility) or dies. You or representative of your estate has to repay the reverse mortgage loan, interest , and finance fees when your home is sold, or you no longer live in it.
Typically, reverse mortgages require you be at least 62 years old, have a small or zero balance owed against your home and use the house as your main living place.
Homeowners who live on a limited income and find themselves needing additional funds find reverse mortgages helpful for their circumstance. Social Security and Medicare benefits are not affected; and the funds are nontaxable. Reverse Mortgages can have adjustable or fixed rates. The lender can't take away your house if you live past the loan term nor may you be forced to sell your home to pay off your loan amount even when the loan balance grows to exceed property value. Call us at 7205988300 to discuss your reverse mortgage options.
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