Reverse Mortgages:the Facts

In the market for a mortgage loan? We'd be thrilled to discuss your mortgage needs! Call us at 3149139678. Ready to begin? Apply Online Now.

Reverse mortgages (also referred to as "home equity conversion loans") enable older homeowners to benefit from their built-up equity without selling their home. Choosing between a monthly payment amount, a line of credit, or a one-time payment, you may receive a loan amount determined by your home equity. Paying back your loan isn't required until when the borrower puts his home up for sale, moves (such as into a retirement community) or dies. When you sell your home or is no longer used as your primary residence, you (or your estate) must pay back the lender for the cash you obtained from your reverse mortgage plus interest among other fees.

Are you Eligible?

Typically, reverse mortgages are appropriate for homeowners at least 62 years old, have a low or zero balance in a mortgage and use the home as your principal residence.

Homeowners who are on a fixed income and have a need for additional money find reverse mortgages advantageous for their circumstance. Social Security and Medicare benefits aren't affected; and the funds are nontaxable. Reverse Mortgages can have adjustable or fixed interest rates. The residence is never in danger of being taken away by the lender or sold against your will if you outlive your loan term - even if the current property value creeps below the balance of the loan. Contact us at 3149139678 to explore your reverse mortgage options.

Bob Rutledge Mortgage can walk you through the pitfalls of getting a reverse mortgage. Give us a call: 3149139678.