Reverse Mortgages:the Facts

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In a reverse mortgage (also called a home equity conversion loan), homeowners of a certain age may use home equity for anything they need without selling their homes. The lending institution pays out money determined by your home equity amount; you receive a one-time amount, a monthly payment or a line of credit. The loan doesn't have to be repaid until the homeowner sells the home, moves out, or dies. You or representative of your estate must repay the reverse mortgage amount, interest , and other finance charges at the time your house is sold, or you no longer live in it.

Who is Able to Participate?

The conditions of a reverse mortgage loan often are being sixty-two or older, maintaining the property as your main living place, and having a low balance on your mortgage or having paid it off.

Reverse mortgages are ideal for retired homeowners or those who are no longer bringing home a paycheck and must add to their limited income. Interest rates can be fixed or adjustable and the funds are nontaxable and do not interfere with Medicare or Social Security benefits. The lending institution cannot take away your property if you live past the loan term nor may you be obligated to sell your home to pay off the loan amount even if the balance is determined to exceed current property value. If you would like to learn more about reverse mortgages, please contact us at 269-282-1612.

At clickformyloan.com, we answer questions about reverse mortgages every day. Call us: 269-282-1612.