Reverse mortgages (also called "home equity conversion loans") enable older homeowners to use their built-up equity without selling their home. The lending institution gives you money determined by the equity you've accrued in your home; you receive a one-time amount, a monthly payment or a line of credit. The loan doesn't have to be repaid until the borrower sells the residence, moves away, or dies. When you sell your home or you no longer use it as your main residence, you (or your estate) must repay the lender for the money you got from the reverse mortgage as well as interest and other finance charges.
The conditions of a reverse mortgage loan usually include being sixty-two or older, maintaining your property as your main residence, and having a small remaining mortgage balance or owning your home outright.
Many homeowners who are on a fixed income and have a need for additional money find reverse mortgages helpful for their circumstance. Social Security and Medicare benefits can not be affected; and the funds are not taxable. Reverse Mortgages may have adjustable or fixed interest rates. Your lending institution can't take the property away if you outlive your loan nor can you be required to sell your residence to pay off your loan even if the loan balance grows to exceed property value. Call us at 9727982110 to explore your reverse mortgage options.