With a reverse mortgage loan (sometimes referred to as a a home equity conversion loan), borrowers of a certain age may use home equity for anything they need without having to sell their homes. Choosing between a monthly amount, a line of credit, or a lump sum, you may get a loan amount determined by your home equity. The borrowed money doesn't have to be paid back until the borrower sells his residence, moves away, or passes away. You or your estate representative is obligated to pay back the reverse mortgage amount, interest , and other finance charges after your property is sold, or you no longer live in it.
The requirements of a reverse mortgage loan normally are being sixty-two or older, maintaining your property as your main residence, and holding a low balance on your mortgage or owning your home outright.
Reverse mortgages are advantageous for retired homeowners or those who are no longer bringing home a paycheck and need to add to their limited income. Interest rates may be fixed or adjustable while the money is nontaxable and does not adversely affect Medicare or Social Security benefits. Your house is never at risk of being taken away from you by the lender or sold against your will if you outlive your loan term - even if the property value creeps under the loan balance. Contact us at 720-598-8300 to explore your reverse mortgage options.
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