With a reverse mortgage (sometimes referred to as a a home equity conversion loan), borrowers of a certain age may use home equity for anything they need without selling their homes. Deciding how you'd prefer to to receive your money: by a monthly amount, a line of credit, or a one-time payment, you may get a loan amount determined by your home equity. The borrowed money does not have to be repaid until the homeowner sells his residence, moves away, or dies. After you sell your property or is no longer used as your primary residence, you (or your estate) must pay back the lender for the funds you received from your reverse mortgage plus interest among other finance charges.
Most reverse mortgages are available for borrowers who are at least 62 years old, have a low or zero balance in a mortgage and maintain the property as your main residence.
Homeowners who are on a fixed income and find themselves needing additional money find reverse mortgages advantageous for their circumstance. Interest rates may be fixed or adjustable while the funds are nontaxable and do not interfere with Social Security or Medicare benefits. The home is never in danger of being taken away from you by the lender or put up for sale without your consent if you live longer than the loan term - even if the current property value creeps below the balance of the loan. Call us at 8008057088 if you would like to explore the benefits of reverse mortgages.
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