Reverse mortgages (sometimes referred to as "home equity conversion loans") enable older homeowners to use their built-up equity without the necessity of selling their home. Choosing between a monthly payment amount, a line of credit, or a lump sum, you can take out a loan based on your equity. Paying back your loan is not necessary until after the homeowner puts his home up for sale, moves (such as to a retirement community) or dies. You or your estate representative has to pay back the reverse mortgage amount, interest accrued, and finance fees when your house is sold, or you are no longer living in it.
Most reverse mortgages require youto be at least sixty-two years old, have a small or zero balance in a mortgage and use the property as your principal living place.
Many homeowners who are on a limited income and need additional funds find reverse mortgages advantageous for their circumstance. Social Security and Medicare benefits aren't affected; and the money is not taxable. Reverse Mortgages may have adjustable or fixed rates. Your lending institution will not take the property away if you outlive your loan nor will you be required to sell your home to pay off the loan amount even when the loan balance grows to exceed property value. Contact us at 941-504-1445 to look into your reverse mortgage options.
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