Reverse mortgages (sometimes called "home equity conversion loans") enable older homeowners to tap into home equity without the necessity of selling their home. Deciding how you'd prefer to to receive your funds: by a monthly payment amount, a line of credit, or a one-time payment, you may receive a loan amount determined by your home equity. Paying back your loan isn't necessary until when the borrower sells the property, moves (such as into a care facility) or dies. When your home sells or you no longer use it as your primary residence, you (or your estate) are obligated to repay the lender for the money you received from the reverse mortgage plus interest and other fees.
The conditions of a reverse mortgage often include being 62 or older, maintaining your home as your main living place, and holding a low balance on your mortgage or owning your home outright.
Many homeowners who live on a limited income and find themselves needing additional funds find reverse mortgages ideal for their situation. Social Security and Medicare benefits are not affected; and the money is nontaxable. Reverse Mortgages can have adjustable or fixed interest rates. Your residence is never in danger of being taken away by the lending institution or put up for sale against your will if you live past the loan term - even if the current property value dips below the balance of the loan. Call us at 5626935048 if you would like to explore the advantages of reverse mortgages.
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