Is a Reverse Mortgage for You?

Shopping for a mortgage loan? We will be glad to help! Call us at 941-504-1445. Ready to get started? Apply Here.

Reverse mortgages (sometimes referred to as "home equity conversion loans") enable older homeowners to use their equity without having to sell their home. The lender gives you funds determined by your home equity amount; you get a one-time amount, a monthly payment or a line of credit. The borrowed money does not have to be paid back until the homeowner sells the residence, moves out, or passes away. You or an estate representative has to repay the reverse mortgage amount, interest accrued, and other finance charges when your property is sold, or you are no longer living in it.

Who can Participate?

The requirements of a reverse mortgage loan normally include being 62 or older, maintaining the house as your main residence, and holding a small balance on your mortgage or owning your home outright.

Reverse mortgages can be ideal for homeowners who are retired or no longer bringing home a paycheck and have a need to add to their fixed income. Social Security and Medicare benefits will not be affected; and the funds are not taxable. Reverse Mortgages may have adjustable or fixed rates. Your home will never be at risk of being taken away by the lender or put up for sale without your consent if you live longer than the loan term - even if the property value goes under the loan balance. Call us at 941-504-1445 to look into your reverse mortgage options.

Sherry Bitner can walk you through the pitfalls of getting a reverse mortgage. Call us: 941-504-1445.

Mortgage Questions?

Do you have a question regarding a mortgage program?

Contact Information
Your Question

English French German Portuguese Spanish