Is a Reverse Mortgage for You?

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With a reverse mortgage loan (sometimes referred to as a a home equity conversion loan), borrowers of a certain age may use home equity for anything they need without selling 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 home equity. Repayment is not necessary until the borrower sells the property, moves (such as to a retirement community) or passes away. You or an estate representative must pay back the reverse mortgage amount, interest , and finance fees when your property is sold, or you no longer live in it.

Who is Eligible?

The conditions of a reverse mortgage loan typically include being sixty-two or older, using the home as your main residence, and holding a low remaining mortgage balance or owning your home outright.

Reverse mortgages are advantageous for homeowners who are retired or no longer working but need to add to their income. Rates of interest can be fixed or adjustable while the funds are nontaxable and do not affect Social Security or Medicare benefits. The house is never in danger of being taken away from you by the lender or sold against your will if you live past your loan term - even if the current property value creeps below the loan balance. Contact us at 3149139678 to explore your reverse mortgage options.

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