With a reverse mortgage loan (also called a home equity conversion loan), homeowners of a certain age may use home equity for anything they need without having to sell their homes. Choosing between a monthly payment amount, a line of credit, or a lump sum, you can get a loan amount determined by your home equity. The borrowed money doesn't have to be paid back until the borrower sells his residence, moves out, or passes away. After your home sells or you no longer use it as your main residence, you (or your estate) have to repay the lending institution for the money you obtained from the reverse mortgage in addition to interest and other fees.
Most reverse mortgages are available for homeowners at least 62 years old, have a low or zero balance owed against the home and use the property as your main living place.
Reverse mortgages are ideal for homeowners who are retired or no longer working but have a need to supplement their limited income. Rates of interest may be fixed or adjustable while the funds are nontaxable and do not interfere with Medicare or Social Security benefits. Your home is never 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 property value creeps under the loan balance. Call us at 7032880777 if you want to explore the advantages of reverse mortgages.
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