Reverse mortgages (sometimes called "home equity conversion loans") enable older homeowners to use their built-up equity without the necessity of selling their home. The lender gives you funds determined by your home equity amount; you receive a one-time amount, a monthly payment or a line of credit. The loan does not have to be repaid until the homeowner sells his home, moves away, or passes away. At the time you sell your property or is no longer used as your main residence, you (or your estate) have to repay the lending institution for the cash you got from your reverse mortgage plus interest and other finance charges.
Usually, reverse mortgages are appropriate for homeowners at least sixty-two years old, have a low or zero balance in a mortgage and maintain the property as your main living place.
Homeowners who are on a fixed income and need additional money find reverse mortgages helpful for their situation. Rates of interest may be fixed or adjustable while the money is nontaxable and doesn't interfere with Social Security or Medicare benefits. Your lender is not able to take away your property if you outlive your loan nor can you be obligated to sell your residence to repay the loan amount even when the balance is determined to exceed property value. Contact us at 5626935048 to discuss your reverse mortgage options.
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