With a reverse mortgage loan (also referred to as a a home equity conversion loan), borrowers of a certain age may use home equity for living expenses without having to sell their homes. Deciding how you'd like to be paid: by a monthly amount, a line of credit, or a lump sum, you can take out a loan amount determined by your equity. The borrowed money does not have to be repaid until the borrower sells the home, moves out, or dies. At the time your house sells or you no longer use it as your main residence, you (or your estate) are obligated to repay the lending institution for the funds you got from your reverse mortgage plus interest among other fees.
Generally, reverse mortgages are appropriate for homeowners who are at least 62 years old, have a small or zero balance in a mortgage and use the home as your main residence.
Reverse mortgages can be ideal for retired homeowners or those who are no longer bringing home a paycheck and must supplement their income. Social Security and Medicare benefits can't be affected; and the money is nontaxable. Reverse Mortgages can have adjustable or fixed interest rates. The house is never in danger of being taken away from you by the lending institution or sold against your will if you live longer than your loan term - even if the current property value dips under the balance of the loan. Contact us at 7758957482 to discuss your reverse mortgage options.
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