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Reverse mortgages (also referred to as "home equity conversion loans") enable older homeowners to benefit from their built-up 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 every month or a line of credit. The loan does not have to be repaid until the borrower sells his residence, moves out, or dies. You or representative of your estate has to pay back the reverse mortgage loan, interest accrued, and finance charges at the time your home is sold, or you are no longer living in it.
Are you Eligible?
The requirements of a reverse mortgage loan often include being sixty-two or older, maintaining your house as your main living place, and holding a low balance on your mortgage or having paid it off.
Homeowners who live on a limited income and find themselves needing additional money find reverse mortgages ideal for their circumstance. Rates of interest can be fixed or adjustable while the money is nontaxable and does not affect Medicare or Social Security benefits. Your house is never at risk of being taken away from you by the lending institution or put up for sale against your will if you live longer than the loan term - even if the property value dips below the balance of the loan. Call us at (909) 467-1090 to explore your reverse mortgage options.