Reverse Mortgages:the Facts

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In a reverse mortgage loan (also called a home equity conversion loan), borrowers of a certain age may use home equity for anything they need without having to sell their homes. Choosing between a monthly payment, a line of credit, or a lump sum, you may take out a loan based on your home equity. Paying back your loan is not necessary until after the borrower sells the home, moves (such as to a retirement community) or passes away. You or an estate representative must pay back the reverse mortgage amount, interest , and finance fees after your home is sold, or you can no longer use it as your primary residence.

Who is Able to Participate?

Most reverse mortgages are offered to homeowners who are at least 62 years old, have a low or zero balance owed against your home and maintain the house as your principal living place.

Many homeowners who are on a limited income and have a need for additional money find reverse mortgages advantageous for their situation. Interest rates may be fixed or adjustable while the funds are nontaxable and don't interfere with Social Security or Medicare benefits. The lending institution cannot take away your property if you live past the loan term nor can you be required to sell your home to repay the loan amount even when the balance is determined to exceed current property value. Contact us at 8102292820 to explore your reverse mortgage options.

ADVISORY MORTGAGE can answer questions about reverse mortgages and many others. Call us: 8102292820.