Reverse mortgages (also called "home equity conversion loans") give older homeowners the ability to benefit from their built-up equity without selling their home. Choosing between a monthly payment, a line of credit, or a lump sum, you can get a loan based on your home equity. The borrowed money doesn't have to be paid back until the homeowner sells his home, moves away, or passes away. You or an estate representative must pay back the reverse mortgage funds, interest , and finance fees after your house is sold, or you can no longer call it your primary residence.
The conditions of a reverse mortgage loan typically include being sixty-two or older, maintaining the home as your main residence, and holding a small balance on your mortgage or having paid it off.
Homeowners who are on a limited income and need additional money find reverse mortgages advantageous for their circumstance. Social Security and Medicare benefits can not be affected; and the funds are nontaxable. Reverse Mortgages can have adjustable or fixed rates. Your lending institution will not take away your property if you outlive your loan nor will you be forced to sell your home to pay off your loan even when the loan balance grows to exceed property value. Call us at 562 320-0510 to discuss your reverse mortgage options.
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