Reverse Mortgages:the Facts

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In a reverse mortgage loan (also referred to as a a home equity conversion loan), homeowners of a certain age may use home equity for anything they need without having to sell their homes. Choosing between a monthly payment, a line of credit, or a one-time payment, you can get a loan based on your equity. The loan doesn't have to be paid back until the homeowner sells the home, moves away, or dies. You or representative of your estate must repay the reverse mortgage loan, interest accrued, and other finance charges when your property is sold, or you no longer live in it.

Who is Able to Participate?

Usually, reverse mortgages are appropriate for homeowners at least sixty-two years old, have a low or zero balance in a mortgage and use the house as your principal residence.

Homeowners who are on a limited income and have a need for additional money find reverse mortgages helpful for their situation. Social Security and Medicare benefits can't be affected; and the funds are not taxable. Reverse Mortgages may have adjustable or fixed interest rates. The lender isn't able to take the property away if you live past the loan term nor can you be required to sell your residence to pay off your loan even when the balance grows to exceed current property value. Contact us at 8008057088 if you want to explore the advantages of reverse mortgages.

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

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