Reverse mortgages (sometimes called "home equity conversion loans") give older homeowners the ability to tap into built-up home equity without the necessity of selling their home. Choosing between a monthly payment amount, a line of credit, or a lump sum, you can receive a loan based on your equity. The loan doesn't have to be paid back until the homeowner sells his residence, moves away, or passes away. You or your estate representative must pay back the reverse mortgage funds, interest , and finance charges when your home is sold, or you are no longer living in it.
Generally, reverse mortgages are appropriate for homeowners at least 62 years old, have a small or zero balance in a mortgage and use the home as your main residence.
Reverse mortgages are great for retired homeowners or those who are no longer bringing home a paycheck but have a need to add to their income. Social Security and Medicare benefits aren't affected; and the money is nontaxable. Reverse Mortgages may have adjustable or fixed interest rates. Your residence is never in danger of being taken away by the lender or put up for sale without your consent if you live longer than the loan term - even if the property value goes under the balance of the loan. Contact us at 866-300-1550 to discuss your reverse mortgage options.
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