Reverse mortgages (sometimes called "home equity conversion loans") enable older homeowners to benefit from their built-up home equity without having to sell their home. The lending institution gives you money determined by your home equity amount; you get a lump sum, a monthly payment or a line of credit. Paying back your loan isn't required until the time the borrower sells the property, moves (such as to a care facility) or passes away. When you sell your property or you no longer use it as your primary residence, you (or your estate) are required to pay back the lending institution for the funds you got from the reverse mortgage in addition to interest and other fees.
Generally, reverse mortgages are appropriate for borrowers who are at least 62 years old, have a low or zero balance owed against your home and maintain the home as your main residence.
Many homeowners who are on a fixed income and need additional funds find reverse mortgages advantageous for their situation. Social Security and Medicare benefits are not affected; and the funds are not taxable. Reverse Mortgages can have adjustable or fixed rates. The lending institution is not able to take the property away if you outlive your loan nor can you be forced to sell your residence to repay the loan amount even when the balance grows to exceed property value. Contact us at 5626935048 to explore your reverse mortgage options.
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