Reverse Mortgages

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In a reverse mortgage loan (sometimes called a home equity conversion loan), homeowners of a certain age may use home equity for living expenses without having to sell their homes. The lender gives you funds determined by your home equity amount; you get a one-time amount, a payment each month or a line of credit. The borrowed money does not have to be repaid until the homeowner sells his residence, moves out, or dies. You or an estate representative has to pay back the reverse mortgage amount, interest accrued, and other finance charges after your home is sold, or you no longer live in it.

Who is Eligible?

The requirements of a reverse mortgage loan usually include being sixty-two or older, maintaining your home as your main living place, and having a small balance on your mortgage or having paid it off.

Reverse mortgages can be ideal for homeowners who are retired or no longer bringing home a paycheck but need to add to their limited income. Social Security and Medicare benefits are not affected; and the money is nontaxable. Reverse Mortgages may have adjustable or fixed rates. The home can never be in danger of being taken away by the lending institution or put up for sale against your will if you live past the loan term - even if the property value creeps below the loan balance. If you would like to learn more about reverse mortgages, please contact us at 8102292820.

At ADVISORY MORTGAGE, we answer questions about reverse mortgages every day. Call us at 8102292820.