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Reverse mortgages (sometimes called "home equity conversion loans") enable older homeowners to use their built-up home equity without the necessity of selling their home. The lender pays you funds determined by your home equity amount; you get a one-time amount, a payment each month or a line of credit. Paying back your loan is not necessary until the borrower puts his home up for sale, moves (such as into a retirement community) or dies. You or representative of your estate has to repay the reverse mortgage funds, interest , and finance fees at the time your property is sold, or you are no longer living in it.
Who is Able to Participate?
Typically, reverse mortgages are offered to homeowners at least 62 years of age, have a low or zero balance owed against your home and maintain the property as your main living place.
Reverse mortgages are appropriate for retired homeowners or those who are no longer bringing home a paycheck but need to add to their fixed income. Rates of interest may be fixed or adjustable while the funds are nontaxable and don't adversely affect Medicare or Social Security benefits. Your lender will not take the property away if you outlive your loan nor can you be required to sell your residence to repay your loan even if the loan balance grows to exceed property value. Call us at (909) 467-1090 to discuss your reverse mortgage options.