Reverse Mortgages Searching for mortgage advice? We can help! Give us a call today at 8102292820. Want to get started? Apply Now. Reverse mortgages (sometimes referred to as "home equity conversion loans") give older homeowners the ability to use their built-up equity without the necessity of selling their home. The lending institution pays out money based on the equity you've accrued in your home; you receive a one-time amount, a monthly payment or a line of credit. Repayment isn't necessary until the time the homeowner puts his home up for sale, moves (such as to a retirement community) or dies. When your house sells or is no longer used as your primary residence, you (or your estate) must repay the lending institution for the money you obtained from the reverse mortgage in addition to interest and other fees. Who is Eligible? Most reverse mortgages require you be at least sixty-two years old, have a low or zero balance in a mortgage and use the property as your main residence. Reverse mortgages can be ideal for retired homeowners or those who are no longer working but must supplement their fixed income. Interest rates can be fixed or adjustable and the money is nontaxable and does not affect Social Security or Medicare benefits. Your house is never at risk of being taken away by the lender or put up for sale against your will if you outlive your loan term - even if the property value creeps under the loan balance. 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. Call us: 8102292820.