Reverse mortgages (sometimes called "home equity conversion loans") enable older homeowners to tap into home equity without the necessity of selling their home. The lender pays out funds based on your home equity amount; you get a lump sum, a monthly payment or a line of credit. The loan does not have to be paid back until the homeowner sells his home, moves out, or dies. When your home has been sold or is no longer used as your primary residence, you (or your estate) are required to repay the lending institution for the funds you obtained from your reverse mortgage as well as interest among other finance charges.
Usually, reverse mortgages are appropriate for homeowners at least 62 years of age, have a low or zero balance in a mortgage and maintain the house as your principal living place.
Many homeowners who are on a fixed income and have a need for additional funds find reverse mortgages ideal for their circumstance. Social Security and Medicare benefits can't be affected; and the money is not taxable. Reverse Mortgages may have adjustable or fixed interest rates. The lending institution cannot take away your residence if you outlive your loan nor will you be made to sell your residence to repay your loan amount even if the balance grows to exceed property value. Contact us at 7205988300 to discuss your reverse mortgage options.
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