Reverse Mortgages:the Facts

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In a reverse mortgage (sometimes referred to as a a home equity conversion loan), homeowners of a certain age may use home equity for living expenses without selling their homes. Choosing between a monthly amount, a line of credit, or a one-time payment, you can take out a loan based on your home equity. The borrowed money doesn't have to be paid back until the borrower sells the home, moves away, or dies. When your house sells or you no longer use it as your primary residence, you (or your estate) are required to pay back the lending institution for the cash you got from the reverse mortgage in addition to interest among other finance charges.

Are you Eligible?

Generally, reverse mortgages require youto be at least sixty-two years old, have a low or zero balance owed against the home and use the house as your principal residence.

Many homeowners who are on a fixed income and need additional funds find reverse mortgages advantageous for their circumstance. Interest rates can be fixed or adjustable while the money is nontaxable and doesn't affect Social Security or Medicare benefits. Your lender cannot take the property away if you live past the loan term nor can you be required to sell your home to pay off the loan even if the loan balance is determined to exceed current property value. If you'd like to find out more about reverse mortgages, feel free to call us at 4056158543.

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

Executive Lending Group

A Division of 1st Capital Mortgage LLC

2272 36th Avenue NW
Norman, OK 73072