Reverse mortgages (also referred to as "home equity conversion loans") enable older homeowners to use their equity without selling their home. Deciding how you'd prefer to to receive your money: by a monthly payment, a line of credit, or a lump sum, you can take out a loan based on your home equity. The loan does not have to be repaid until the borrower sells the home, moves away, or passes away. When you sell your property or you no longer use it as your main residence, you (or your estate) must pay back the lending institution for the cash you obtained from your reverse mortgage plus interest and other finance charges.
The requirements of a reverse mortgage loan normally include being 62 or older, using the home as your primary residence, and holding a low balance on your mortgage or having paid it off.
Homeowners who live on a fixed income and find themselves needing additional funds find reverse mortgages helpful for their situation. Social Security and Medicare benefits can't be affected; and the money is not taxable. Reverse Mortgages can have adjustable or fixed rates. Your lender can't take the property away if you outlive your loan nor can you be forced to sell your home to pay off your loan even if the balance is determined to exceed current property value. Contact us at 9727982110 to look into your reverse mortgage options.