Reverse Mortgages

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Reverse mortgages (also called "home equity conversion loans") give older homeowners the ability to tap into home equity without having to sell their home. Deciding how you prefer to to receive your funds: by a monthly amount, a line of credit, or a one-time payment, you can take out a loan amount determined by your equity. Paying back your loan isn't necessary until the time the borrower puts his home up for sale, moves (such as to a care facility) or dies. You or representative of your estate must repay the reverse mortgage loan, interest , and other finance charges after your home is sold, or you can no longer call it your primary residence.

Who is Eligible?

Typically, reverse mortgages require you be at least sixty-two years of age, have a low or zero balance in a mortgage and maintain the house as your main residence.

Homeowners who live on a fixed income and find themselves needing additional funds find reverse mortgages advantageous for their situation. Rates of interest can be fixed or adjustable while the funds are nontaxable and do not adversely affect Social Security or Medicare benefits. The 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 dips below the loan balance. If you would like to learn more about reverse mortgages, please call us at 4056158543.

Executive Lending Group can answer questions about reverse mortgages and many others. Give us a call at 4056158543.