Reverse mortgages (also called "home equity conversion loans") enable older homeowners to use their built-up home equity without selling their home. The lending institution pays you money based on your home equity amount; you get a lump sum, a payment each month or a line of credit. Paying back your loan isn't required until the homeowner puts his home up for sale, moves (such as into a care facility) or dies. After you sell your home or is no longer used as your primary residence, you (or your estate) must repay the lender for the cash you obtained from your reverse mortgage plus interest and other finance charges.
Most reverse mortgages are offered to borrowers who are at least 62 years of age, have a small or zero balance in a mortgage and maintain the home as your principal living place.
Homeowners who live on a fixed income and have a need for additional money find reverse mortgages helpful for their situation. Social Security and Medicare benefits are not affected; and the money is nontaxable. Reverse Mortgages may have adjustable or fixed interest rates. Your house will never be at risk of being taken away from you by the lender or put up for sale against your will if you live past the loan term - even if the property value dips under the balance of the loan. Contact us at 9722039033 if you want to explore the benefits of reverse mortgages.