With a reverse mortgage (sometimes called a home equity conversion loan), homeowners of a certain age may use home equity for living expenses without selling their homes. Choosing between a monthly payment, a line of credit, or a lump sum, you can get a loan based on your equity. Repayment isn't required until the time the borrower sells the home, moves (such as into a care facility) or dies. After you sell your home or is no longer used as your main residence, you (or your estate) have to pay back the lending institution for the cash you received from the reverse mortgage plus interest and other finance charges.
Most reverse mortgages are offered to homeowners at least sixty-two years of age, have a low or zero balance owed against the home and use the house as your main living place.
Homeowners who live on a limited income and find themselves needing additional money find reverse mortgages ideal for their situation. Interest rates can be fixed or adjustable while the money is nontaxable and doesn't affect Social Security or Medicare benefits. The lender is not able to take the property away if you live past the loan term nor can you be forced to sell your residence to repay the loan even if the balance is determined to exceed current property value. Contact us at 9722039033 to discuss your reverse mortgage options.