In a reverse mortgage loan (also called a home equity conversion loan), borrowers of a certain age may use home equity for anything they need without selling their homes. The lending institution gives you money based on the equity you've accrued in your home; you get a one-time amount, a monthly payment or a line of credit. Repayment isn't required until when the homeowner puts his home up for sale, moves (such as to a care facility) or passes away. You or your estate representative must pay back the reverse mortgage funds, interest accrued, and other finance fees after your home is sold, or you can no longer call it your primary residence.
The conditions of a reverse mortgage loan normally are being sixty-two or older, maintaining your home as your main residence, and holding a small balance on your mortgage or owning your home outright.
Many homeowners who are on a limited income and have a need for additional money find reverse mortgages ideal for their circumstance. Social Security and Medicare benefits aren't affected; and the funds are nontaxable. Reverse Mortgages can have adjustable or fixed rates. The lending institution cannot take away your residence if you live past the loan term nor may you be forced to sell your home to repay your loan even if the loan balance grows to exceed property value. Call us at 8008057088 if you want to explore the advantages of reverse mortgages.
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