Is a Reverse Mortgage for You?

Shopping for a mortgage loan? We'd be thrilled to talk about our mortgage offerings! Call us at (562) 693-5048. Ready to get started? Apply Here.

Reverse mortgages (also referred to as "home equity conversion loans") enable older homeowners to use their equity without the necessity of selling their home. The lending institution gives you funds determined by the equity you've accrued in your home; you get a lump sum, a payment every month or a line of credit. Paying back your loan isn't necessary until the time the homeowner puts his home up for sale, moves (such as to a retirement community) or passes away. You or representative of your estate is required to repay the reverse mortgage amount, interest , and finance charges when your property is sold, or you are no longer living in it.

Are you Eligible?

Typically, reverse mortgages require youto be at least 62 years of age, have a small or zero balance owed against the home and use the property as your main living place.

Many homeowners who are on a limited income and find themselves needing additional money find reverse mortgages advantageous for their situation. Interest rates may be fixed or adjustable while the funds are nontaxable and don't adversely affect Social Security or Medicare benefits. Your lending institution can't take the property away if you outlive your loan nor will you be forced to sell your residence to repay your loan even when the loan balance is determined to exceed current property value. Contact us at (562) 693-5048 if you would like to explore the advantages of reverse mortgages.

At Nationwide Home Loans, we answer questions about reverse mortgages every day. Call us: (562) 693-5048.

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