Reverse Mortgages

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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 anything they need without having to sell their homes. Choosing between a monthly amount, a line of credit, or a one-time payment, you may receive a loan amount determined by your equity. The loan does not have to be repaid until the homeowner sells his home, moves out, or dies. When your house has been sold or is no longer used as your primary residence, you (or your estate) have to pay back the lending institution for the cash you received from the reverse mortgage as well as interest and other fees.

Are you Eligible?

The conditions of a reverse mortgage often include being 62 or older, maintaining your house as your primary living place, and holding a small remaining mortgage balance or owning your home outright.

Many homeowners who live on a fixed income and have a need for additional money find reverse mortgages advantageous for their circumstance. Interest rates may be fixed or adjustable while the money is nontaxable and does not interfere with Social Security or Medicare benefits. The residence can never be in danger of being taken away from you by the lending institution or sold against your will if you live past the loan term - even if the current property value creeps below the loan balance. Call us at 972.798.2110 to discuss your reverse mortgage options.

At Homewithloan.com, we answer questions about reverse mortgages every day. Call us at 972.798.2110.