Reverse mortgages (sometimes referred to as "home equity conversion loans") enable older homeowners to use their built-up home equity without the necessity of selling their home. Deciding how you would prefer to be paid: by a monthly amount, a line of credit, or a lump sum, you can get a loan based on your equity. Repayment isn't required until the homeowner sells the property, moves (such as to a care facility) or dies. At the time you sell your home or you no longer use it as your main residence, you (or your estate) have to repay the lender for the cash you received from the reverse mortgage in addition to interest and other fees.
The conditions of a reverse mortgage often are being sixty-two or older, maintaining your property as your main residence, and having a low balance on your mortgage or having paid it off.
Homeowners who are on a limited income and find themselves needing additional money find reverse mortgages helpful for their situation. Social Security and Medicare benefits are not affected; and the funds are not taxable. Reverse Mortgages may have adjustable or fixed interest rates. The home is never in danger of being taken away by the lending institution or sold against your will if you live longer than the loan term - even if the current property value creeps below the loan balance. Call us at 941-504-1445 to explore your reverse mortgage options.
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