Reverse Mortgages:the Facts

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With a reverse mortgage (also referred to as a a home equity conversion loan), homeowners of a certain age may use home equity for anything they need without having to sell their homes. The lender gives you money based on your home equity amount; you receive a one-time amount, a monthly payment or a line of credit. Repayment is not required until after the borrower sells the home, moves (such as into a care facility) or dies. After your house sells or is no longer used as your main residence, you (or your estate) are obligated to repay the lender for the cash you received from your reverse mortgage as well as interest among other fees.

Who is Eligible?

Typically, reverse mortgages are offered to borrowers who are at least sixty-two years old, have a small or zero balance in a mortgage and maintain the home as your principal living place.

Reverse mortgages can be ideal for retired homeowners or those who are no longer working but must add to their income. Social Security and Medicare benefits won't be affected; and the funds are not taxable. Reverse Mortgages may have adjustable or fixed interest rates. The lending institution is not able to take away your residence if you outlive your loan nor can you be forced to sell your residence to repay the loan even when the loan balance is determined to exceed current property value. Contact us at 8102292820 to look into your reverse mortgage options.

ADVISORY MORTGAGE can answer questions about reverse mortgages and many others. Give us a call: 8102292820.