Reverse mortgages (sometimes called "home equity conversion loans") give older homeowners the ability to benefit from their built-up home equity without the necessity of selling their home. Choosing between a monthly amount, a line of credit, or a lump sum, you may take out a loan based on your home equity. The loan does not have to be paid back until the homeowner sells his residence, moves out, or passes away. You or an estate representative has to repay the reverse mortgage funds, interest accrued, and other finance charges after your property is sold, or you no longer live in it.
Most reverse mortgages require youto be at least sixty-two years old, have a small or zero balance owed against the home and maintain the property as your principal living place.
Reverse mortgages are advantageous for retired homeowners or those who are no longer bringing home a paycheck but have a need to supplement their limited income. Rates of interest can be fixed or adjustable while the funds are nontaxable and do not interfere with Medicare or Social Security benefits. The lending institution can't take the property away if you outlive your loan nor may you be made to sell your home to repay your loan amount even if the balance grows to exceed property value. Call us at 9254610500 to explore your reverse mortgage options.
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