Reverse Mortgage
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Reverse mortgages (also called "home equity conversion loans") enable older homeowners to use their built-up home equity without selling their home. Choosing between a monthly amount, a line of credit, or a one-time payment, you can get a loan amount determined by your equity. The borrowed money does not have to be repaid until the homeowner sells the residence, moves out, or passes away. When your house sells or you no longer use it as your main residence, you (or your estate) has the option to pay back the lending institution for the money received from your reverse mortgage plus interest among other fees or allow the property to be sold. If selling the property is the option your estate chooses then any monies left after the loan is paid off goes to the estate. The government does not take more than the loan obligations.
Reverse mortgages are appropriate for retired homeowners or those who are no longer working and have a need to supplement their fixed income. Social Security and Medicare benefits are not affected; and the funds are not taxable. Reverse Mortgages may have adjustable or fixed interest rates. Your house will never be in danger of being taken away from you by the lending institution or put up for sale without your consent if you live past your loan term - even if the current property value creeps below the loan balance. If you'd like to learn more about reverse mortgages, feel free to contact us.
Reverse mortgages (also called "home equity conversion loans") enable older homeowners to use their built-up home equity without selling their home. Choosing between a monthly amount, a line of credit, or a one-time payment, you can get a loan amount determined by your equity. The borrowed money does not have to be repaid until the homeowner sells the residence, moves out, or passes away. When your house sells or you no longer use it as your main residence, you (or your estate) has the option to pay back the lending institution for the money received from your reverse mortgage plus interest among other fees or allow the property to be sold. If selling the property is the option your estate chooses then any monies left after the loan is paid off goes to the estate. The government does not take more than the loan obligations.
Who is Eligible?
The requirements of a reverse mortgage typically are being sixty-two or older, maintaining the property as your main residence, and having a small remaining mortgage balance or having paid it off.Reverse mortgages are appropriate for retired homeowners or those who are no longer working and have a need to supplement their fixed income. Social Security and Medicare benefits are not affected; and the funds are not taxable. Reverse Mortgages may have adjustable or fixed interest rates. Your house will never be in danger of being taken away from you by the lending institution or put up for sale without your consent if you live past your loan term - even if the current property value creeps below the loan balance. If you'd like to learn more about reverse mortgages, feel free to contact us.
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