In a reverse mortgage loan (sometimes called a home equity conversion loan), homeowners of a certain age may use home equity for anything they need without having to sell their homes. Choosing between a monthly amount, a line of credit, or a lump sum, you may receive a loan based on your equity. The borrowed money does not have to be repaid until the borrower sells the residence, moves away, or passes away. At the time your home sells or is no longer used as your main residence, you (or your estate) must repay the lender for the cash you received from your reverse mortgage plus interest among other finance charges.
Usually, reverse mortgages are available for borrowers who are at least sixty-two years old, have a small or zero balance in a mortgage and use the home as your principal residence.
Many homeowners who are on a limited income and need additional money find reverse mortgages helpful for their circumstance. Rates of interest may be fixed or adjustable while the funds are nontaxable and do not affect Medicare or Social Security benefits. The lending institution cannot take the property away if you outlive your loan nor will you be forced to sell your home to pay off the loan even if the balance is determined to exceed property value. Contact us at 9722039033 to look into your reverse mortgage options.