Reverse mortgages (sometimes called "home equity conversion loans") give older homeowners the ability to use their equity without having to sell their home. The lender gives you funds based on the equity you've built-up in your home; you receive a lump sum, a monthly payment or a line of credit. Repayment isn't required until after the borrower sells the home, moves (such as to a care facility) or passes away. You or representative of your estate must repay the reverse mortgage loan, interest accrued, and finance charges after your house is sold, or you are no longer living in it.
The conditions of a reverse mortgage often are being 62 or older, maintaining the house as your primary living place, and holding a small balance on your mortgage or owning your home outright.
Homeowners who are on a limited income and need additional funds find reverse mortgages ideal for their situation. Social Security and Medicare benefits can't be affected; and the money is nontaxable. Reverse Mortgages can have adjustable or fixed interest rates. The lender can't take away your home if you live past the loan term nor may you be required to sell your residence to repay the loan amount even when the balance grows to exceed current property value. Contact us at 3149139678 to discuss your reverse mortgage options.