In a reverse mortgage (sometimes called a home equity conversion loan), homeowners of a certain age may use home equity for anything they need without having to sell their homes. The lending institution gives you funds determined by your home equity amount; you receive a one-time amount, a payment each month or a line of credit. Repayment is not necessary until after the borrower puts his home up for sale, moves (such as to a retirement community) or dies. At the time you sell your home or is no longer used as your primary residence, you (or your estate) are required to pay back the lending institution for the money you obtained from your reverse mortgage plus interest and other finance charges.
The requirements of a reverse mortgage typically are being 62 or older, maintaining the home as your main living place, and having a small balance on your mortgage or having paid it off.
Homeowners who are on a limited income and have a need for additional money find reverse mortgages helpful for their circumstance. Social Security and Medicare benefits aren't affected; and the money is nontaxable. Reverse Mortgages can have adjustable or fixed rates. The residence is never in danger of being taken away by the lending institution or put up for sale against your will if you live past the loan term - even if the current property value creeps under the balance of the loan. Call us at 7079640708 to look into your reverse mortgage options.