With a reverse mortgage loan (sometimes called a home equity conversion loan), borrowers of a certain age may use home equity for living expenses without selling their homes. Choosing between a monthly payment amount, a line of credit, or a lump sum, you may get a loan amount determined by your equity. Repayment is not necessary until when the homeowner sells the home, moves (such as to a care facility) or passes away. You or representative of your estate is obligated to pay back the reverse mortgage loan, interest , and other finance charges when your property is sold, or you can no longer use it as your primary residence.
The requirements of a reverse mortgage typically include being sixty-two or older, using the home as your main living place, and having a low remaining mortgage balance or having paid it off.
Homeowners who are on a fixed income and find themselves needing additional funds find reverse mortgages ideal for their situation. Interest rates can be fixed or adjustable while the funds are nontaxable and don't affect Social Security or Medicare benefits. Your lending institution isn't able to take away your home if you outlive your loan nor may you be made to sell your residence to repay the loan amount even when the balance grows to exceed property value. Contact us at 8008057088 if you want to explore the benefits of reverse mortgages.
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