|Searching for a mortgage loan? We'd be thrilled to answer your questions about your mortgage needs! Call us at (909) 467-1090. Ready to begin? Apply Here.|
With a reverse mortgage (also referred to as a a home equity conversion loan), homeowners of a certain age may use home equity for anything they need without having to sell their homes. Choosing between a monthly payment, a line of credit, or a one-time payment, you can take out a loan based on your equity. Repayment isn't required until after the homeowner puts his home up for sale, moves (such as to a care facility) or dies. You or representative of your estate must repay the reverse mortgage amount, interest , and finance charges at the time your property is sold, or you can no longer call it your primary residence.
Are you Eligible?
Most reverse mortgages require you be at least sixty-two years of age, have a small or zero balance owed against the home and use the house as your principal living place.
Homeowners who are on a fixed income and have a need for additional money find reverse mortgages advantageous for their circumstance. Interest rates may be fixed or adjustable while the money is nontaxable and doesn't adversely affect Social Security or Medicare benefits. The lending institution isn't able to take the property away if you live past the loan term nor will you be forced to sell your home to pay off the loan amount even if the loan balance is determined to exceed property value. Contact us at (909) 467-1090 if you'd like to explore the benefits of reverse mortgages.