Reverse mortgages (sometimes called "home equity conversion loans") give older homeowners the ability to tap into built-up equity without having to sell their home. Choosing between a monthly amount, a line of credit, or a one-time payment, you can take out a loan based on your home equity. Repayment is not required until the homeowner puts his home up for sale, moves (such as into a retirement community) or dies. When your house has been sold or is no longer used as your primary residence, you (or your estate) must pay back the lender for the funds you received from your reverse mortgage as well as interest among other fees.
Typically, reverse mortgages require you be at least 62 years old, have a small or zero balance owed against your home and maintain the home as your principal living place.
Many homeowners who are on a fixed income and have a need for additional funds find reverse mortgages helpful for their situation. Social Security and Medicare benefits will not be affected; and the money is nontaxable. Reverse Mortgages may have adjustable or fixed rates. Your lending institution isn't able to take away your house if you outlive your loan nor can you be forced to sell your home to pay off the loan even if the loan balance is determined to exceed current property value. Contact us at 9722039033 to explore your reverse mortgage options.