With a reverse mortgage loan (sometimes called a home equity conversion loan), borrowers of a certain age may use home equity for anything they need without having to sell their homes. The lender gives you money determined by the equity you've accrued in your home; you get a one-time amount, a payment every month or a line of credit. The borrowed money doesn't have to be paid back until the homeowner sells his home, moves out, or passes away. You or representative of your estate has to pay back the reverse mortgage funds, interest accrued, and finance fees at the time your house is sold, or you are no longer living in it.
Most reverse mortgages are appropriate for homeowners at least 62 years old, have a low or zero balance owed against your home and maintain the house as your main living place.
Homeowners who are on a limited income and have a need for additional money find reverse mortgages advantageous for their circumstance. Rates of interest may be fixed or adjustable while the funds are nontaxable and do not affect Social Security or Medicare benefits. Your lender will not take away your residence if you live past the loan term nor can you be required to sell your residence to repay the loan even if the loan balance is determined to exceed current property value. Call us at 7205988300 to look into your reverse mortgage options.
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