Reverse mortgages (sometimes referred to as "home equity conversion loans") give older homeowners the ability to benefit from their built-up home equity without the necessity of selling their home. Choosing between a monthly payment, a line of credit, or a one-time payment, you can take out a loan amount determined by your equity. The loan doesn't have to be repaid until the homeowner sells the residence, moves away, or passes away. At the time you sell your property or is no longer used as your main residence, you (or your estate) are required to pay back the lender for the funds you got from the reverse mortgage as well as interest and other finance charges.
Usually, reverse mortgages require you be at least 62 years of age, have a low or zero balance in a mortgage and use the house as your main residence.
Homeowners who live on a fixed income and need additional money find reverse mortgages advantageous for their situation. Rates of interest can be fixed or adjustable while the money is nontaxable and does not affect Social Security or Medicare benefits. The lending institution cannot take away your residence if you live past the loan term nor can you be forced to sell your home to repay the loan even if the balance grows to exceed current property value. Contact us at 9727982110 if you'd like to explore the advantages of reverse mortgages.