Reverse Mortgages:the Facts

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Reverse mortgages (also referred to as "home equity conversion loans") enable older homeowners to benefit from their built-up equity without the necessity of selling their home. Choosing between a monthly payment amount, a line of credit, or a lump sum, you can get a loan amount determined by your equity. Repayment isn't required until the time the borrower sells the property, moves (such as to a care facility) or dies. At the time your home sells or you no longer use it as your primary residence, you (or your estate) are obligated to pay back the lending institution for the cash you got from the reverse mortgage plus interest and other fees.

Are you Eligible?

Generally, reverse mortgages are available for homeowners at least 62 years of age, have a small or zero balance owed against your home and maintain the home as your principal residence.

Many homeowners who are on a fixed income and find themselves needing additional money find reverse mortgages ideal for their situation. Interest rates may be fixed or adjustable while the funds are nontaxable and don't adversely affect Medicare or Social Security benefits. The lender is not able to take the property away if you outlive your loan nor can you be forced to sell your home to repay your loan even when the loan balance grows to exceed property value. Contact us at 5626935048 to look into your reverse mortgage options.

At Nationwide Home Loans, we answer questions about reverse mortgages every day. Give us a call at 5626935048.

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Nationwide Home Loans

NMLS #238531| CA BRE #01017101

16211 Whittier Blvd.
Whittier, CA 90603