Reverse Mortgages

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With a reverse mortgage loan (sometimes called a home equity conversion loan), homeowners of a certain age may use home equity for anything they need without having to sell their homes. Deciding how you prefer to be paid: by a monthly payment amount, a line of credit, or a lump sum, you can take out a loan based on your home equity. Repayment is not necessary until after the homeowner puts his home up for sale, moves (such as to a retirement community) or dies. You or representative of your estate must pay back the reverse mortgage funds, interest , and other finance charges at the time your property is sold, or you no longer live in it.

Who is Able to Participate?

Usually, reverse mortgages are available for borrowers at least sixty-two years of age, have a low or zero balance in a mortgage and maintain the property as your main residence.

Reverse mortgages are advantageous for homeowners who are retired or no longer working and need to add to their fixed income. Interest rates may be fixed or adjustable and the money is nontaxable and doesn't adversely affect Social Security or Medicare benefits. The lender will not take away your house if you outlive your loan nor can you be forced to sell your residence to pay off the loan amount even when the balance is determined to exceed property value. Call us at 6784672330 to explore your reverse mortgage options.

At New Threshold Mortgage, Inc., we answer questions about reverse mortgages every day. Call us: 6784672330.