Reverse MortgagesIn the market for a new mortgage loan? We will be glad to help! Call us at 800-998-6003. Ready to get started? Apply Online Now.
In a reverse mortgage (sometimes referred to as a a home equity conversion loan), homeowners of a certain age may use home equity for living expenses without selling their homes. Deciding how you would prefer to be paid: by a monthly amount, a line of credit, or a lump sum, you can get a loan amount determined by your equity. The borrowed money does not have to be paid back until the borrower sells his residence, moves out, or dies. After you sell your home or is no longer used as your primary residence, you (or your estate) are obligated to repay the lending institution for the cash you obtained from the reverse mortgage in addition to interest and other fees.
Who is Able to Participate?
Most reverse mortgages require you be at least sixty-two years old, have a small or zero balance in a mortgage and maintain the home as your main residence.
Homeowners who live on a fixed income and need additional money find reverse mortgages helpful for their situation. Social Security and Medicare benefits aren't affected; and the funds are not taxable. Reverse Mortgages may have adjustable or fixed interest rates. Your lending institution will not take away your home if you outlive your loan nor will you be obligated to sell your home to repay the loan even when the balance is determined to exceed current property value. Contact us at 800-998-6003 to discuss your reverse mortgage options.