Reverse Mortgages

In a reverse mortgage loan (sometimes called 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 gives you funds determined by your home equity amount; you receive a one-time amount, a monthly payment or a line of credit. The loan doesn't have to be repaid until the homeowner sells his residence, moves out, or passes away. You or representative of your estate has to repay the reverse mortgage loan, interest , and finance fees after your house is sold, or you no longer live in it.
Are you Eligible?
Typically, reverse mortgages are offered to homeowners at least 62 years old, have a low or zero balance owed against the home and maintain the home as your principal residence.
Reverse mortgages can be great for retired homeowners or those who are no longer bringing home a paycheck and must add to their fixed income. Social Security and Medicare benefits will not be affected; and the money is not taxable. Reverse Mortgages can have adjustable or fixed interest rates. The lending institution cannot take away your property if you outlive your loan nor will you be obligated to sell your residence to repay the loan amount even if the loan balance grows to exceed property value. If you would like to learn more about reverse mortgages, please call us at 702-796-3453 x3055.