Reverse Mortgages

	Shopping for a mortgage loan? We can assist you! Call us at 3149139678. Ready to begin? Apply Online Now.

In a reverse mortgage (also referred to as a a home equity conversion loan), borrowers of a certain age may use home equity for living expenses without having to sell their homes. The lending institution gives you money based on the equity you've built-up in your home; you get a one-time amount, a payment each month or a line of credit. The loan does not have to be repaid until the homeowner sells the residence, moves away, or dies. You or your estate representative is obligated to pay back the reverse mortgage loan, interest accrued, and other finance fees at the time your house is sold, or you are no longer living in it.

Who is Eligible?

The conditions of a reverse mortgage normally are being sixty-two or older, maintaining the home as your main residence, and having a small balance on your mortgage or having paid it off.

Reverse mortgages can be ideal for retired homeowners or those who are no longer bringing home a paycheck but need to add to their income. Rates of interest can be fixed or adjustable while the funds are nontaxable and do not interfere with Medicare or Social Security benefits. The house will never be at risk of being taken away from you by the lending institution or put up for sale without your consent if you outlive your loan term - even if the property value dips under the loan balance. Contact us at 3149139678 if you would like to explore the advantages of reverse mortgages.

At Bob Rutledge Mortgage, we answer questions about reverse mortgages every day. Give us a call: 3149139678.