Is a Reverse Mortgage for You?

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Reverse mortgages (also referred to as "home equity conversion loans") give older homeowners the ability to benefit from their equity without selling their home. Deciding how you would prefer to be paid: by a monthly amount, a line of credit, or a one-time payment, you can take out a loan based on your home equity. The loan does not have to be paid back until the homeowner sells his residence, moves out, or passes away. You or representative of your estate is required to pay back the reverse mortgage loan, interest accrued, and other finance charges at the time your home is sold, or you no longer live in it.

Are you Eligible?

Typically, reverse mortgages require you be at least 62 years of age, have a small or zero balance owed against your home and use the home as your principal living place.

Reverse mortgages can be advantageous for retired homeowners or those who are no longer working and have a need to add to their income. Social Security and Medicare benefits won't be affected; and the money is nontaxable. Reverse Mortgages can have adjustable or fixed rates. The lending institution can't take the property away if you outlive your loan nor may you be made to sell your home to pay off the loan even when the loan balance is determined to exceed property value. If you would like to find out more about reverse mortgages, feel free to contact us at 9722039033.

Not Your Average Lender can walk you through the pitfalls of getting a reverse mortgage. Call us at 9722039033.