Reverse Mortgages:the Facts

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In a reverse mortgage loan (also called a home equity conversion loan), borrowers of a certain age may use home equity for anything they need without selling their homes. The lending institution pays you money based on the equity you've accrued in your home; you get a lump sum, a payment every month or a line of credit. The borrowed money doesn't have to be paid back until the borrower sells his home, moves away, or passes away. You or your estate representative must repay the reverse mortgage funds, interest accrued, and other finance charges after your home is sold, or you are no longer living in it.

Are you Eligible?

Generally, reverse mortgages require youto be at least sixty-two years old, have a small or zero balance in a mortgage and use the house as your principal residence.

Reverse mortgages are ideal for retired homeowners or those who are no longer bringing home a paycheck and need to supplement their income. Social Security and Medicare benefits aren't affected; and the funds are nontaxable. Reverse Mortgages can have adjustable or fixed interest rates. Your home is never at risk of being taken away by the lending institution or sold without your consent if you live longer than your loan term - even if the current property value dips under the balance of the loan. Call us at 8008057088 to explore your reverse mortgage options.

At Diamante Mortgage, we answer questions about reverse mortgages every day. Give us a call at 8008057088.

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