With a reverse mortgage loan (also 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, a line of credit, or a lump sum, you can take out a loan amount determined by your home equity. Repayment isn't necessary until the borrower puts his home up for sale, moves (such as to a retirement community) or dies. You or representative of your estate has to repay the reverse mortgage amount, interest , and other finance fees at the time your house is sold, or you can no longer use it as your primary residence.
The requirements of a reverse mortgage loan generally include being 62 or older, using the property as your primary living place, and holding a low remaining mortgage balance or owning your home outright.
Reverse mortgages are appropriate for retired homeowners or those who are no longer bringing home a paycheck but have a need to add to their limited income. Social Security and Medicare benefits can't be affected; and the money is not taxable. Reverse Mortgages can have adjustable or fixed interest rates. The lending institution isn't able to take the property away if you outlive your loan nor may you be made to sell your home to pay off your loan even when the balance grows to exceed current property value. Call us at 7758957482 to look into your reverse mortgage options.
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