Is a Reverse Mortgage for You?

Are you looking for a new mortgage? We'll be glad to answer your questions about our mortgage offerings! Give us a call at 5626935048. Ready to begin? Apply Here.

In a reverse mortgage loan (sometimes called a home equity conversion loan), borrowers of a certain age may use home equity for anything they need without having to sell their homes. The lender pays out money based on the equity you've built-up in your home; you get a one-time amount, a payment every month or a line of credit. Paying back your loan isn't required until when the homeowner puts his home up for sale, moves (such as into a care facility) or dies. You or representative of your estate has to repay the reverse mortgage amount, interest , and finance charges at the time your home is sold, or you no longer live in it.

Are you Eligible?

The requirements of a reverse mortgage loan usually are being sixty-two or older, using the home as your primary residence, and having a low remaining mortgage balance or having paid it off.

Reverse mortgages can be helpful for retired homeowners or those who are no longer working and have a need to add to their limited income. Rates of interest can be fixed or adjustable while the money is nontaxable and does not interfere with Social Security or Medicare benefits. The residence can never be at risk of being taken away from you by the lending institution or put up for sale against your will if you live past your loan term - even if the property value creeps under the loan balance. Call us at 5626935048 to explore your reverse mortgage options.

At Nationwide Home Loans, we answer questions about reverse mortgages every day. Call us: 5626935048.

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Nationwide Home Loans

NMLS #238531| CA BRE #01017101

16211 Whittier Blvd.
Whittier, CA 90603