Reverse Mortgages:the Facts

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With a reverse mortgage (sometimes referred to as a a home equity conversion loan), borrowers of a certain age may use home equity for anything they need without having to sell their homes. Choosing between a monthly amount, a line of credit, or a lump sum, you can receive a loan amount determined by your equity. The loan doesn't have to be repaid until the borrower sells his home, moves away, or passes away. You or an estate representative has to repay the reverse mortgage loan, interest accrued, and finance fees when your home is sold, or you no longer live in it.

Who can Participate?

The conditions of a reverse mortgage loan generally are being 62 or older, using the house as your main living place, and holding a small balance on your mortgage or having paid it off.

Homeowners who live on a limited income and need additional funds find reverse mortgages ideal for their situation. Social Security and Medicare benefits can't be affected; and the funds are nontaxable. Reverse Mortgages can have adjustable or fixed interest rates. Your home is never in danger of being taken away by the lender or put up for sale against your will if you live longer than your loan term - even if the current property value creeps below the loan balance. Contact us at 9722039033 to discuss your reverse mortgage options.

Not Your Average Lender can answer questions about reverse mortgages and many others. Give us a call: 9722039033.