Is a Reverse Mortgage for You?

	Are you looking for a new mortgage loan? We will be glad to assist you! Call us at 8102292820. Ready to begin? Apply Now.

Reverse mortgages (also referred to as "home equity conversion loans") give older homeowners the ability to benefit from their built-up equity without having to sell their home. Choosing between a monthly amount, a line of credit, or a one-time payment, you may receive a loan based on your equity. The loan does not have to be paid back until the homeowner sells the residence, moves out, or passes away. You or your estate representative is obligated to repay the reverse mortgage loan, interest , and other finance fees when your home is sold, or you are no longer living in it.

Who is Eligible?

The conditions of a reverse mortgage usually are being 62 or older, maintaining the house as your primary residence, and having a small remaining mortgage balance or having paid it off.

Many homeowners who live on a limited income and find themselves needing additional money find reverse mortgages advantageous for their circumstance. Rates of interest may be fixed or adjustable while the funds are nontaxable and do not interfere with Social Security or Medicare benefits. The lender can't take the property away if you outlive your loan nor may you be made to sell your residence to pay off your loan even if the balance is determined to exceed property value. Contact us at 8102292820 to explore your reverse mortgage options.

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