Is a Reverse Mortgage for You?

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Reverse mortgages (sometimes called "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 payment, a line of credit, or a one-time payment, you can take out a loan amount determined by your home equity. Repayment isn't necessary until after the borrower sells the property, moves (such as to a care facility) or passes away. You or an estate representative has to repay the reverse mortgage amount, interest , and other finance charges at the time your house is sold, or you no longer live in it.

Who is Eligible?

Generally, reverse mortgages are offered to borrowers who are at least sixty-two years old, have a small or zero balance in a mortgage and use the home as your main living place.

Reverse mortgages are appropriate for homeowners who are retired or no longer working and must supplement their income. Interest rates may be fixed or adjustable while the funds are nontaxable and do not adversely affect Social Security or Medicare benefits. The home will never be at risk of being taken away from you by the lender or put up for sale without your consent if you outlive the loan term - even if the property value creeps below the balance of the loan. If you'd like to learn more about reverse mortgages, feel free to call us at 8102292820.

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