Reverse mortgages (also called "home equity conversion loans") enable older homeowners to benefit from their equity without the necessity of selling their home. The lender gives you funds determined by the equity you've accrued in your home; you receive a one-time amount, a monthly payment or a line of credit. Paying back your loan is not necessary until the time the borrower puts his home up for sale, moves (such as to a care facility) or dies. You or representative of your estate must repay the reverse mortgage loan, interest , and finance fees after your home is sold, or you can no longer call it your primary residence.
Typically, reverse mortgages are offered to homeowners who are at least 62 years old, have a small or zero balance in a mortgage and use the home as your principal living place.
Many homeowners who live on a fixed income and need additional money find reverse mortgages ideal for their circumstance. Social Security and Medicare benefits can not be affected; and the money is not taxable. Reverse Mortgages may have adjustable or fixed rates. Your lending institution will not take away your home if you live past the loan term nor will you be required to sell your residence to repay the loan amount even if the loan balance grows to exceed property value. Contact us at 9722039033 if you would like to explore the advantages of reverse mortgages.