Reverse mortgages (also called "home equity conversion loans") give older homeowners the ability to benefit from their equity without the necessity of selling their home. Choosing between a monthly payment amount, a line of credit, or a lump sum, you can get a loan based on your equity. The borrowed money does not have to be paid back until the homeowner sells the residence, moves out, or passes away. When your home sells or you no longer use it as your primary residence, you (or your estate) are obligated to repay the lending institution for the money you obtained from the reverse mortgage plus interest and other finance charges.
The conditions of a reverse mortgage usually are being sixty-two or older, maintaining the house as your primary living place, and having a low balance on your mortgage or owning your home outright.
Homeowners who are on a fixed income and need additional money find reverse mortgages helpful for their situation. Interest rates can be fixed or adjustable while the money is nontaxable and does not affect Social Security or Medicare benefits. The house can never be in danger of being taken away by the lender or sold against your will if you outlive the loan term - even if the current property value dips below the loan balance. Contact us at 7758957482 if you'd like to explore the benefits of reverse mortgages.
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