Reverse Mortgages

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Reverse mortgages (also referred to as "home equity conversion loans") enable older homeowners to use their built-up equity without selling their home. Deciding how you'd like to to receive your funds: by a monthly payment amount, a line of credit, or a lump sum, you may receive a loan based on your equity. Paying back your loan is not required until after the borrower puts his home up for sale, moves (such as into a care facility) or passes away. You or representative of your estate has to repay the reverse mortgage amount, interest accrued, and other finance charges at the time your house is sold, or you can no longer call it your primary residence.

Who can Participate?

Most reverse mortgages are offered to homeowners who are at least sixty-two years old, have a low or zero balance in a mortgage and use the property as your main living place.

Reverse mortgages are ideal for retired homeowners or those who are no longer working but must add to their fixed income. Rates of interest can be fixed or adjustable and the funds are nontaxable and don't adversely affect Medicare or Social Security benefits. The lending institution can't take away your residence if you outlive your loan nor will you be forced to sell your home to repay the loan even if the loan balance grows to exceed current property value. 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: 4056158543.