Reverse mortgages (sometimes called "home equity conversion loans") give older homeowners the ability to benefit from their home equity without selling their home. The lender gives you money based on your home equity amount; you get a one-time amount, a monthly payment or a line of credit. The borrowed money doesn't have to be repaid until the homeowner sells his home, moves out, or dies. When you sell your home or is no longer used as your primary residence, you (or your estate) must repay the lender for the funds you received from the reverse mortgage in addition to interest among other finance charges.
Generally, reverse mortgages are offered to homeowners at least sixty-two years of age, have a small or zero balance owed against the home and maintain the house as your main residence.
Homeowners who live on a fixed income and need additional money find reverse mortgages advantageous for their circumstance. Social Security and Medicare benefits are not affected; and the money is not taxable. Reverse Mortgages can have adjustable or fixed interest rates. The residence is never at risk of being taken away by the lending institution or put up for sale without your consent if you live longer than the loan term - even if the current property value dips below the balance of the loan. Contact us at 9722039033 to explore your reverse mortgage options.