With a reverse mortgage loan (also called a home equity conversion loan), borrowers of a certain age may use home equity for anything they need without having to sell their homes. The lender pays you funds based on your home equity amount; you receive a one-time amount, a monthly payment or a line of credit. Repayment is not required until the time the homeowner puts his home up for sale, moves (such as to a care facility) or passes away. After your home sells or is no longer used as your main residence, you (or your estate) must pay back the lending institution for the money you received from the reverse mortgage in addition to interest among other fees.
Most reverse mortgages require you be at least 62 years of age, have a low or zero balance in a mortgage and use the house as your main living place.
Homeowners who live on a fixed income and have a need for additional money find reverse mortgages ideal for their circumstance. Social Security and Medicare benefits are not affected; and the funds are nontaxable. Reverse Mortgages may have adjustable or fixed interest rates. Your lending institution can't take the property away if you outlive your loan nor will you be forced to sell your home to repay the loan even when the loan balance is determined to exceed property value. Contact us at 9722039033 to discuss your reverse mortgage options.