Reverse Mortgages

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In a reverse mortgage loan (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. Choosing between a monthly payment amount, a line of credit, or a lump sum, you can take out a loan based on your home equity. Repayment is not necessary until the time the homeowner sells the property, moves (such as to a retirement community) or passes away. After you sell your home or is no longer used as your primary residence, you (or your estate) have to repay the lending institution for the funds you obtained from the reverse mortgage in addition to interest and other finance charges.

Who is Eligible?

The requirements of a reverse mortgage often are being 62 or older, maintaining your house as your primary living place, and having a small remaining mortgage balance or owning your home outright.

Reverse mortgages can be advantageous for homeowners who are retired or no longer bringing home a paycheck but must add to their income. Interest rates may be fixed or adjustable and the funds are nontaxable and don't adversely affect Social Security or Medicare benefits. Your lender cannot take the property away if you live past the loan term nor will you be made to sell your home to pay off your loan even if the loan balance is determined to exceed current property value. If you would like to learn more about reverse mortgages, feel free to call us at 9722039033.

At Not Your Average Lender, we answer questions about reverse mortgages every day. Give us a call at 9722039033.