Is a Reverse Mortgage for You?
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With a reverse mortgage loan (also 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. Choosing between a monthly payment amount, a line of credit, or a one-time payment, you may receive a loan based on your equity. The loan does not have to be paid back until the borrower sells the home, moves out, or passes away. When your house has been sold or you no longer use it as your main residence, you (or your estate) must repay the lending institution for the funds you obtained from your reverse mortgage plus interest and other fees.
Are you Eligible?
The requirements of a reverse mortgage typically are being sixty-two or older, using the home as your main living place, and having a low balance on your mortgage or having paid it off.
Homeowners who live on a limited income and need additional money find reverse mortgages helpful for their situation. Social Security and Medicare benefits will not be affected; and the money is nontaxable. Reverse Mortgages may have adjustable or fixed rates. The lending institution cannot take the property away if you outlive your loan nor may you be obligated to sell your home to pay off the loan amount even if the loan balance is determined to exceed property value. Call us at (314) 913-9678 to explore your reverse mortgage options.
At Mortgage Possible , we answer questions about reverse mortgages every day. Call us: (314) 913-9678.