Reverse Mortgages

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With a reverse mortgage (sometimes 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. Choosing between a monthly payment amount, a line of credit, or a one-time payment, you can get a loan based on your equity. Paying back your loan isn't required until the borrower puts his home up for sale, moves (such as to a care facility) or dies. At the time you sell your home or you no longer use it as your primary residence, you (or your estate) are required to repay the lender for the money you got from your reverse mortgage plus interest among other fees.

Are you Eligible?

Most reverse mortgages are appropriate for homeowners at least 62 years old, have a low or zero balance in a mortgage and maintain the property as your main residence.

Homeowners who live on a limited income and have a need for additional money find reverse mortgages ideal for their situation. Rates of interest can be fixed or adjustable and the funds are nontaxable and don't affect Medicare or Social Security benefits. Your lender will not take the property away if you outlive your loan nor may you be obligated to sell your residence to repay the loan even when the loan balance grows to exceed property value. Call us at 8102292820 if you want to explore the benefits of reverse mortgages.

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