Is a Reverse Mortgage for You?

	Looking for a mortgage loan? We'll be glad to answer your questions about our mortgage offerings! Call us at 8102292820. Want to get started? Apply Now.

With a reverse mortgage (also referred to as a a home equity conversion loan), borrowers of a certain age may use home equity for living expenses without selling their homes. The lending institution gives you money based on your home equity amount; you receive a one-time amount, a monthly payment or a line of credit. Paying back your loan is not necessary until when the homeowner sells the property, moves (such as into a retirement community) or passes away. After you sell your home or you no longer use it as your primary residence, you (or your estate) are obligated to repay the lender for the money you obtained from your reverse mortgage as well as interest and other finance charges.

Are you Eligible?

Typically, reverse mortgages are offered to homeowners who are at least sixty-two years of age, have a small or zero balance in a mortgage and use the house as your main living place.

Reverse mortgages are great for homeowners who are retired or no longer bringing home a paycheck and need to add to their limited income. Social Security and Medicare benefits aren't affected; and the money is not taxable. Reverse Mortgages can have adjustable or fixed interest rates. The home is never at risk of being taken away by the lender or put up for sale against your will if you live past the loan term - even if the property value creeps under the loan balance. Contact us at 8102292820 to discuss your reverse mortgage options.

ADVISORY MORTGAGE can walk you through the pitfalls of getting a reverse mortgage. Give us a call at 8102292820.