Reverse mortgages (also referred to as "home equity conversion loans") give older homeowners the ability to benefit from their built-up home equity without selling their home. The lender pays you money determined by your home equity amount; you receive a one-time amount, a monthly payment or a line of credit. The loan does not have to be paid back until the borrower sells his residence, moves away, or dies. After your home sells or is no longer used as your primary residence, you (or your estate) have to repay the lender for the cash you got from the reverse mortgage plus interest and other fees.
Generally, reverse mortgages are available for borrowers who are at least sixty-two years old, have a small or zero balance owed against your home and use the home as your main living place.
Homeowners who live on a fixed income and need additional funds find reverse mortgages advantageous for their situation. Interest rates can be fixed or adjustable while the funds are nontaxable and don't affect Medicare or Social Security benefits. Your home can never be in danger of being taken away from you by the lender or sold against your will if you live longer than the loan term - even if the property value goes under the balance of the loan. Contact us at 3149139678 to explore your reverse mortgage options.