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With a reverse mortgage loan (also referred to as a a home equity conversion loan), borrowers of a certain age may use home equity for anything they need without selling their homes. Choosing between a monthly amount, a line of credit, or a one-time payment, you can take out a loan amount determined by your home equity. Paying back your loan isn't required until when the homeowner sells the property, moves (such as into a retirement community) or passes away. At the time your house has been sold or you no longer use it as your primary residence, you (or your estate) must repay the lending institution for the cash you received from your reverse mortgage in addition to interest among other fees.
Who can Participate?
The conditions of a reverse mortgage loan often include being sixty-two or older, using the home as your primary living place, and having a low balance on your mortgage or owning your home outright.
Homeowners who are on a fixed income and have a need for additional funds find reverse mortgages helpful for their circumstance. Social Security and Medicare benefits aren't affected; and the funds are not taxable. Reverse Mortgages may have adjustable or fixed rates. Your residence will never be at risk of being taken away by the lender or sold without your consent if you live past the loan term - even if the property value creeps below the loan balance. Contact us at (305) 891-6500 if you want to explore the benefits of reverse mortgages.
At Secured Horizon Financial Group, Inc, we answer questions about reverse mortgages every day. Give us a call at (305) 891-6500.