Reverse mortgages (sometimes called "home equity conversion loans") enable older homeowners to tap into built-up equity without having to sell their home. The lending institution gives you funds determined by your home equity amount; you get a one-time amount, a monthly payment or a line of credit. Repayment is not necessary until when the borrower sells the home, moves (such as to a retirement community) or dies. You or representative of your estate has to repay the reverse mortgage funds, interest , and finance charges at the time your house is sold, or you are no longer living in it.
Most reverse mortgages are available for homeowners at least sixty-two years old, have a low or zero balance in a mortgage and use the property as your main living place.
Homeowners who live on a fixed income and have a need for additional money find reverse mortgages helpful for their circumstance. Social Security and Medicare benefits are not affected; and the funds are not taxable. Reverse Mortgages can have adjustable or fixed rates. Your house will never be at risk of being taken away by the lender or sold against your will if you outlive your loan term - even if the current property value dips below the loan balance. Contact us at 6784672330 if you'd like to explore the advantages of reverse mortgages.
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