Reverse Mortgages:the Facts

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With a reverse mortgage loan (sometimes referred to as a a home equity conversion loan), homeowners of a certain age may use home equity for anything they need without selling their homes. Deciding how you would like to be paid: by a monthly payment amount, a line of credit, or a lump sum, you can get a loan based on your home equity. Repayment is not required until the time the homeowner sells the home, moves (such as to a care facility) or passes away. You or representative of your estate must pay back the reverse mortgage amount, interest , and finance fees at the time your home is sold, or you are no longer living in it.

Who can Participate?

Most reverse mortgages require youto be at least 62 years of age, have a small or zero balance owed against your home and maintain the home as your main living place.

Homeowners who live on a fixed income and have a need for additional funds find reverse mortgages advantageous for their circumstance. Interest rates can be fixed or adjustable while the money is nontaxable and doesn't interfere with Medicare or Social Security benefits. Your lending institution cannot take away your home if you live past the loan term nor may you be required to sell your home to pay off the loan amount even if the balance grows to exceed property value. If you'd like to find out more about reverse mortgages, feel free to call us at 3149139678.

At Bob Rutledge Mortgage, we answer questions about reverse mortgages every day. Call us at 3149139678.