Is a Reverse Mortgage for You?

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Reverse mortgages (also called "home equity conversion loans") enable older homeowners to tap into built-up equity without selling their home. Deciding how you would prefer to be paid: by a monthly amount, a line of credit, or a one-time payment, you can take out a loan amount determined by your equity. The loan doesn't have to be repaid until the homeowner sells his residence, moves out, or dies. You or your estate representative is required to repay the reverse mortgage funds, interest accrued, and finance charges at the time your property is sold, or you no longer live in it.

Who is Eligible?

Usually, reverse mortgages are offered to homeowners who are at least 62 years of age, have a small or zero balance owed against your home and maintain the house as your main residence.

Many homeowners who live on a fixed income and need additional funds find reverse mortgages helpful for their situation. Interest rates may be fixed or adjustable and the money is nontaxable and doesn't interfere with Social Security or Medicare benefits. Your residence can never be at risk of being taken away from you by the lending institution or sold without your consent if you outlive the loan term - even if the current property value goes under the balance of the loan. Call us at 3149139678 if you'd like to explore the advantages of reverse mortgages.

Bob Rutledge Mortgage can answer questions about reverse mortgages and many others. Give us a call: 3149139678.