Reverse mortgages (also referred to as "home equity conversion loans") give older homeowners the ability to tap into built-up equity without having to sell their home. The lender pays you funds based on your home equity amount; you get a one-time amount, a payment each month or a line of credit. The loan doesn't have to be paid back until the homeowner sells his home, moves away, or passes away. When you sell your property or is no longer used as your primary residence, you (or your estate) have to pay back the lender for the cash you obtained from the reverse mortgage in addition to interest and other fees.
Typically, reverse mortgages require youto be at least sixty-two years of age, have a small or zero balance in a mortgage and use the home as your principal residence.
Many homeowners who are on a fixed income and find themselves needing additional money find reverse mortgages ideal for their circumstance. Interest rates may be fixed or adjustable while the funds are nontaxable and don't affect Medicare or Social Security benefits. Your home can never be at risk of being taken away by the lender or sold without your consent if you live past your loan term - even if the current property value creeps under the loan balance. Contact us at 3149139678 to explore your reverse mortgage options.