Reverse Mortgages:the Facts

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With a reverse mortgage (also 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. Deciding how you prefer to be paid: by a monthly payment amount, a line of credit, or a one-time payment, you may take out a loan based on your home equity. The loan doesn't have to be paid back until the borrower sells his home, moves away, or dies. You or an estate representative is obligated to repay the reverse mortgage funds, interest accrued, and other finance charges at the time your house is sold, or you no longer live in it.

Who can Participate?

The requirements of a reverse mortgage normally are being sixty-two or older, maintaining the home as your primary living place, and having a small balance on your mortgage or owning your home outright.

Homeowners who live on a limited income and need additional funds find reverse mortgages ideal for their situation. Rates of interest can be fixed or adjustable and the funds are nontaxable and do not adversely affect Medicare or Social Security benefits. Your residence will never be at risk of being taken away from you by the lending institution or sold without your consent if you outlive your loan term - even if the property value goes under the loan balance. Contact us at 972.798.2110 to explore your reverse mortgage options.

Homewithloan.com can answer questions about reverse mortgages and many others. Give us a call at 972.798.2110.