Reverse mortgages (also referred to as "home equity conversion loans") enable older homeowners to benefit from their built-up home equity without the necessity of selling their home. Deciding how you prefer to to receive your money: by a monthly payment amount, a line of credit, or a one-time payment, you may take out a loan amount determined by your equity. The loan doesn't have to be paid back until the borrower sells his home, moves out, or passes away. You or representative of your estate is required to repay the reverse mortgage funds, interest accrued, and finance charges at the time your home is sold, or you are no longer living in it.
Most reverse mortgages are appropriate for borrowers at least 62 years old, have a small or zero balance in a mortgage and maintain the home as your main residence.
Homeowners who are on a fixed income and need additional funds find reverse mortgages ideal for their situation. Social Security and Medicare benefits are not affected; and the funds are not taxable. Reverse Mortgages may have adjustable or fixed rates. The residence will never be in danger of being taken away from you by the lending institution or put up for sale against your will if you outlive your loan term - even if the current property value dips under the loan balance. Call us at 866-300-1550 if you'd like to explore the advantages of reverse mortgages.
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