Reverse mortgages (also referred to as "home equity conversion loans") give older homeowners the ability to tap into built-up equity without selling their home. Deciding how you'd prefer to be paid: by a monthly payment, a line of credit, or a one-time payment, you can take out a loan amount determined by your equity. Repayment is not required until after the homeowner puts his home up for sale, moves (such as into a retirement community) or dies. You or your estate representative has to repay the reverse mortgage funds, interest , and other finance charges when your property is sold, or you no longer live in it.
Generally, reverse mortgages require youto be at least sixty-two years of age, have a low or zero balance owed against your home and use the house as your main residence.
Homeowners who live on a fixed income and find themselves needing additional money find reverse mortgages advantageous for their situation. Social Security and Medicare benefits can't be affected; and the money is nontaxable. Reverse Mortgages may have adjustable or fixed rates. Your home is never in danger of being taken away by the lending institution or put up for sale without your consent if you outlive the loan term - even if the property value creeps below the loan balance. Contact us at 8008057088 to explore your reverse mortgage options.
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