In a reverse mortgage loan (sometimes called a home equity conversion loan), homeowners of a certain age may use home equity for living expenses without selling their homes. Choosing between a monthly payment, a line of credit, or a one-time payment, you may receive a loan amount determined by your home equity. The borrowed money does not have to be repaid until the homeowner sells his residence, moves away, or passes away. At the time you sell your home or you no longer use it as your main residence, you (or your estate) are required to repay the lender for the money you got from your reverse mortgage as well as interest and other finance charges.
Typically, reverse mortgages require you be at least sixty-two years old, have a low or zero balance owed against the home and maintain the property as your principal residence.
Many homeowners who are on a fixed income and need additional money find reverse mortgages helpful for their situation. Rates of interest may be fixed or adjustable while the funds are nontaxable and do not adversely affect Social Security or Medicare benefits. The home can never be in danger of being taken away from you by the lending institution or put up for sale against your will if you live longer than the loan term - even if the current property value dips under the loan balance. Call us at 9254610500 to explore your reverse mortgage options.
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