Reverse Mortgages: The Facts

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Reverse mortgages (also called "home equity conversion loans") give older homeowners the ability to benefit from their built-up home equity without having to sell their home. The lender pays you funds based on your home equity amount; you receive a one-time amount, a monthly payment or a line of credit. The loan does not have to be paid back until the homeowner sells his residence, moves out, or dies. After your house sells or is no longer used as your main residence, you (or your estate) are required to repay the lender for the funds you obtained from your reverse mortgage plus interest among other finance charges.

Are you Eligible?

The requirements of a reverse mortgage loan generally include being 62 or older, using the home as your main living place, and having a small remaining mortgage balance or owning your home outright.

Many homeowners who live on a limited income and have a need for additional money find reverse mortgages ideal for their circumstance. Social Security and Medicare benefits aren't affected; and the money is not taxable. Reverse Mortgages can have adjustable or fixed rates. Your residence is never in danger of being taken away by the lender or put up for sale without your consent if you live past your loan term - even if the property value creeps below the balance of the loan. Call us at 925-461-0500 to explore your reverse mortgage options.

Are you considering a reverse mortgage? We'd be thrilled to talk about our loan & mortgage offerings! Give us a call today at 925-461-0500. Want to get started right away? Apply Online Now.

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