|| Never Make a Principle and Interest Payment Again!
Reverse mortgages (also referred to as "home equity conversion loans") give older homeowners the ability to use their built-up equity without the necessity of selling their home. Some folks call it the utopia of loans. I would call it a fabulous product if it meets your needs, and for many Americans, it does.
Should you decide this solution, you can receive your money: by a monthly payment amount, a line of credit, or a one-time payment, based on your equity. The borrowed money does not have to be repaid until the borrower sells his home, moves away, or passes away. You or representative of your estate is required to repay the reverse mortgage funds, interest, and other finance charges at the time your house is sold, or when you are no longer living in it.
Who is Able to Participate?
The requirements of a reverse mortgage generally include being sixty-two or older, maintaining the home as your primary living place, and holding a low balance on your mortgage or having paid it off.
Reverse mortgages are advantageous for retired homeowners or those who are no longer bringing home a paycheck and must add to their income. Social Security and Medicare benefits won't be affected, and the money is nontaxable. Reverse Mortgages can have adjustable or fixed interest rates. Your home is never in danger of being taken away from you by the lender or sold without your consent if you live past your loan term - even if the current property value creeps below the loan balance, so long as you pay your taxes and insurance.
Call us at 678-467-2330 to discuss your reverse mortgage options.