With a reverse mortgage (also called a home equity conversion loan), borrowers of a certain age may use home equity for living expenses without having to sell their homes. Deciding how you'd like to be paid: by a monthly amount, a line of credit, or a lump sum, you can receive a loan based on your home equity. The borrowed money doesn't have to be repaid until the borrower sells his residence, moves away, or dies. At the time you sell your home or is no longer used as your primary residence, you (or your estate) must repay the lender for the cash you got from your reverse mortgage as well as interest and other fees.
The conditions of a reverse mortgage usually include being sixty-two or older, using the home as your primary living place, and having a low remaining mortgage balance or owning your home outright.
Reverse mortgages can be advantageous for homeowners who are retired or no longer working and must add to their limited income. Social Security and Medicare benefits can't be affected; and the funds are nontaxable. Reverse Mortgages can have adjustable or fixed rates. Your house can never be at risk of being taken away by the lending institution or put up for sale against your will if you outlive the loan term - even if the current property value dips below the loan balance. Call us at 9727982110 to discuss your reverse mortgage options.