Is a Reverse Mortgage for You?

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Reverse mortgages (also referred to as "home equity conversion loans") give older homeowners the ability to tap into home equity without having to sell their home. Choosing between a monthly amount, a line of credit, or a lump sum, you can get a loan based on your home equity. Paying back your loan isn't required until the homeowner sells the home, moves (such as into a care facility) or passes away. You or an estate representative must pay back the reverse mortgage funds, interest accrued, and finance charges when your house is sold, or you are no longer living in it.

Who can Participate?

The conditions of a reverse mortgage usually include being sixty-two or older, maintaining your property as your main living place, and having a small balance on your mortgage or having paid it off.

Reverse mortgages are ideal for retired homeowners or those who are no longer working and have a need to add to their income. Social Security and Medicare benefits can't be affected; and the funds are not taxable. Reverse Mortgages may have adjustable or fixed rates. Your residence will never be in danger of being taken away from you by the lender or put up for sale without your consent if you live past your loan term - even if the current property value creeps under the balance of the loan. Call us at 6784672330 if you'd like to explore the advantages of reverse mortgages.

New Threshold Mortgage Corporation can answer questions about reverse mortgages and many others. Give us a call at 6784672330.

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New Threshold Mortgage, Inc.

Certified Veterans Lending Specialist GA License #19238 FL License #106236 NMLS LO License #169110 CO #168980 A Georgia Residential Mortgage Licensee

2500 Caladium Dr NE
Atlanta, GA 30345-2010