Is a Reverse Mortgage for You?

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Reverse mortgages (also referred to as "home equity conversion loans") give older homeowners the ability to use their equity without the necessity of selling their home. Choosing between a monthly amount, a line of credit, or a one-time payment, you may receive a loan amount determined by your home equity. The loan does not have to be paid back until the homeowner sells his home, moves away, or passes away. You or your estate representative must pay back the reverse mortgage loan, interest accrued, and finance charges after your house is sold, or you no longer live in it.

Who is Eligible?

Generally, reverse mortgages are offered to borrowers who are at least 62 years old, have a small or zero balance in a mortgage and use the home as your principal residence.

Many homeowners who are on a limited income and need additional money find reverse mortgages helpful for their circumstance. Social Security and Medicare benefits aren't affected; and the money is nontaxable. Reverse Mortgages may have adjustable or fixed rates. Your house is never in danger of being taken away from you by the lender or sold without your consent if you outlive your loan term - even if the property value goes below the loan balance. Contact us at 4056158543 if you want to explore the benefits of reverse mortgages.

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