Reverse mortgages (also called "home equity conversion loans") give older homeowners the ability to benefit from their equity without the necessity of selling their home. The lending institution gives you funds based on your home equity amount; you receive a lump sum, a monthly payment or a line of credit. The borrowed money doesn't have to be paid back until the homeowner sells his residence, moves out, or passes away. At the time your home has been sold or you no longer use it as your main residence, you (or your estate) have to repay the lender for the funds you got from the reverse mortgage in addition to interest and other finance charges.
Usually, reverse mortgages require you be at least 62 years of age, have a low or zero balance in a mortgage and maintain the property as your principal residence.
Homeowners who live on a limited income and need additional money find reverse mortgages helpful for their situation. Rates of interest can be fixed or adjustable and the funds are nontaxable and do not interfere with Medicare or Social Security benefits. Your residence can never be in danger of being taken away by the lender or sold without your consent if you live past the loan term - even if the current property value dips below the loan balance. Contact us at 5626935048 to look into your reverse mortgage options.
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