Reverse Mortgages:the Facts

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Reverse mortgages (also called "home equity conversion loans") enable older homeowners to benefit from their equity without having to sell their home. The lending institution gives you money based on the equity you've accrued in your home; you receive a lump sum, a payment each month or a line of credit. Repayment is not necessary until the time the borrower puts his home up for sale, moves (such as into a care facility) or passes away. After you sell your property or you no longer use it as your main residence, you (or your estate) are obligated to pay back the lending institution for the funds you received from your reverse mortgage as well as interest among other fees.

Who is Eligible?

Usually, reverse mortgages require youto be at least 62 years old, have a small or zero balance owed against the home and maintain the home as your main residence.

Many homeowners who are on a fixed income and need additional funds find reverse mortgages helpful for their circumstance. Social Security and Medicare benefits aren't affected; and the money is nontaxable. Reverse Mortgages can have adjustable or fixed rates. The residence will never be in danger of being taken away by the lender or sold without your consent if you outlive the loan term - even if the property value creeps under the loan balance. If you would like to find out more about reverse mortgages, feel free to call us at 7032880777.

Saab Mortgage can walk you through the pitfalls of getting a reverse mortgage. Give us a call at 7032880777.

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