In a reverse mortgage (sometimes called a home equity conversion loan), homeowners of a certain age may use home equity for living expenses without having to sell their homes. Deciding how you'd like to to receive your funds: by a monthly payment, a line of credit, or a one-time payment, you can receive a loan amount determined by your equity. The loan doesn't have to be repaid until the borrower sells the residence, moves away, or passes away. When you sell your property or you no longer use it as your main residence, you (or your estate) are obligated to repay the lender for the funds you received from your reverse mortgage as well as interest among other fees.
Usually, reverse mortgages require youto be at least 62 years old, have a small or zero balance owed against the home and maintain the house as your principal residence.
Homeowners who are on a limited income and find themselves needing additional funds find reverse mortgages helpful for their situation. Social Security and Medicare benefits can not be affected; and the funds are nontaxable. Reverse Mortgages can have adjustable or fixed interest rates. Your residence can never be at risk of being taken away from you by the lender or put up for sale against your will if you live past your loan term - even if the current property value goes under the loan balance. Contact us at 8008057088 if you'd like to explore the advantages of reverse mortgages.
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