Reverse mortgages (also referred to as "home equity conversion loans") enable older homeowners to tap into equity without selling their home. Deciding how you prefer to be paid: by a monthly payment amount, a line of credit, or a lump sum, you can receive a loan amount determined by your home equity. Paying back your loan isn't necessary until the time the borrower puts his home up for sale, moves (such as to a retirement community) or dies. When your home has been sold or you no longer use it as your primary residence, you (or your estate) are obligated to repay the lender for the funds you got from the reverse mortgage plus interest among other fees.
Generally, reverse mortgages are available for homeowners who are at least 62 years old, have a small or zero balance in a mortgage and maintain the house as your main residence.
Homeowners who live on a limited income and find themselves needing additional money find reverse mortgages ideal for their circumstance. Rates of interest may be fixed or adjustable and the money is nontaxable and doesn't interfere with Medicare or Social Security benefits. Your house is never at risk of being taken away by the lending institution or put up for sale against your will if you live past the loan term - even if the current property value goes under the loan balance. Call us at 4056158543 to look into your reverse mortgage options.