Reverse Mortgages
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Shopping for a mortgage? We'd be thrilled to talk about our mortgage offerings! Give us a call at 800-374-0046. Ready to begin? Apply Here. | ||
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With a reverse mortgage (sometimes called a home equity conversion loan), homeowners of a certain age may use home equity for living expenses without having to sell their homes. Deciding how you'd prefer to to receive your money: by a monthly payment, a line of credit, or a one-time payment, you can get a loan amount determined by your equity. Repayment isn't necessary until the borrower puts his home up for sale, moves (such as to a retirement community) or passes away. At the time you sell your property or is no longer used as your primary residence, you (or your estate) are obligated to pay back the lender for the cash you received from the reverse mortgage plus interest and other fees.
Who is Eligible?
The conditions of a reverse mortgage loan generally 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 can be great for homeowners who are retired or no longer working but need to supplement their fixed income. Social Security and Medicare benefits can't be affected; and the money is nontaxable. Reverse Mortgages may have adjustable or fixed interest rates. The lending institution cannot take away your house if you outlive your loan nor can you be required to sell your residence to repay the loan amount even when the balance is determined to exceed property value. Contact us at 800-374-0046 to discuss your reverse mortgage options.
