Is a Reverse Mortgage for You?
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In a reverse mortgage loan (sometimes referred to as a a home equity conversion loan), homeowners of a certain age may use home equity for anything they need without selling their homes. The lending institution pays you funds determined by your home equity amount; you receive a lump sum, a payment each month or a line of credit. Repayment isn't necessary until after the homeowner sells the property, moves (such as to a care facility) or dies. You or representative of your estate is obligated to pay back the reverse mortgage amount, interest , and finance charges when your home is sold, or you no longer live in it.
Are you Eligible?
The conditions of a reverse mortgage loan normally are being 62 or older, maintaining the home as your primary residence, and having a small remaining mortgage balance or owning your home outright.
Reverse mortgages can be advantageous for homeowners who are retired or no longer bringing home a paycheck but have a need to add to their limited income. Rates of interest can be fixed or adjustable and the money is nontaxable and does not interfere with Social Security or Medicare benefits. Your house will never be at risk of being taken away from you by the lending institution or put up for sale without your consent if you live longer than the loan term - even if the current property value creeps under the balance of the loan. If you'd like to learn more about reverse mortgages, feel free to contact us at (909) 467-1090.