With a reverse mortgage (also referred to as a a home equity conversion loan), homeowners of a certain age may use home equity for living expenses without having to sell their homes. Deciding how you'd prefer to be paid: by a monthly payment, a line of credit, or a one-time payment, you can receive a loan amount determined by your home equity. Paying back your loan is not required until the borrower sells the property, moves (such as to a care facility) or passes away. You or your estate representative must pay back the reverse mortgage amount, interest accrued, and other finance charges at the time your house is sold, or you are no longer living in it.
The conditions of a reverse mortgage usually are being sixty-two or older, maintaining your property as your main living place, and having a small remaining mortgage balance or owning your home outright.
Homeowners who live on a fixed income and need additional funds find reverse mortgages advantageous for their circumstance. Social Security and Medicare benefits aren't affected; and the funds are not taxable. Reverse Mortgages may have adjustable or fixed rates. The lender will not take away your residence if you live past the loan term nor may you be obligated to sell your home to repay your loan amount even if the balance grows to exceed current property value. Contact us at 5626935048 to discuss your reverse mortgage options.
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