Reverse Mortgages

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Reverse mortgages (also referred to as "home equity conversion loans") give older homeowners the ability to benefit from their built-up home equity without the necessity of selling their home. Deciding how you'd prefer to be paid: by a monthly payment amount, a line of credit, or a lump sum, you can take out a loan amount determined by your home equity. Repayment isn't necessary until the borrower sells the home, moves (such as into a care facility) or passes away. You or your estate representative must pay back the reverse mortgage amount, interest accrued, and finance fees when your home is sold, or you are no longer living in it.

Who is Eligible?

Most reverse mortgages require you be at least 62 years old, have a small or zero balance in a mortgage and use the home as your main residence.

Homeowners who live on a limited income and have a need for additional money find reverse mortgages advantageous for their circumstance. Social Security and Medicare benefits will not be affected; and the funds are not taxable. Reverse Mortgages may have adjustable or fixed rates. Your home is never at risk of being taken away from you by the lender or sold without your consent if you live longer than your loan term - even if the property value creeps below the loan balance. If you'd like to find out more about reverse mortgages, please call us at 4056158543.

At Executive Lending Group, we answer questions about reverse mortgages every day. Call us at 4056158543.