Reverse mortgages (also called "home equity conversion loans") enable older homeowners to tap into equity without selling their home. Choosing between a monthly amount, a line of credit, or a one-time payment, you may get a loan based on your home equity. Paying back your loan is not required until when the borrower puts his home up for sale, moves (such as to a retirement community) or passes away. After you sell your property or you no longer use it as your primary residence, you (or your estate) have to pay back the lender for the money you received from the reverse mortgage plus interest among other finance charges.
Most reverse mortgages are appropriate for borrowers at least 62 years of age, have a small or zero balance in a mortgage and maintain the home as your main living place.
Reverse mortgages are appropriate for homeowners who are retired or no longer working and must supplement their limited income. Rates of interest may be fixed or adjustable while the money is nontaxable and doesn't adversely affect Social Security or Medicare benefits. The residence is never in danger of being taken away by the lender or put up for sale without your consent if you outlive your loan term - even if the property value dips below the loan balance. Call us at 7758957482 if you would like to explore the advantages of reverse mortgages.
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