Is a Reverse Mortgage for You?

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With a reverse mortgage (sometimes called a home equity conversion loan), borrowers of a certain age may use home equity for living expenses without selling their homes. 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 amount determined by your home equity. Repayment isn't necessary until when the homeowner sells the home, moves (such as to a retirement community) or dies. You or representative of your estate is required to repay the reverse mortgage amount, interest accrued, and finance fees when your property is sold, or you can no longer call it your primary residence.

Who is Able to Participate?

The requirements of a reverse mortgage loan usually are being sixty-two or older, using the home as your primary residence, and having a low balance on your mortgage or owning your home outright.

Reverse mortgages are appropriate for retired homeowners or those who are no longer working and must supplement their limited income. Interest rates may be fixed or adjustable while the funds are nontaxable and don't adversely affect Social Security or Medicare benefits. Your lending institution isn't able to take the property away if you live past the loan term nor can you be made to sell your home to pay off your loan even when the loan balance is determined to exceed property value. If you'd like to learn more about reverse mortgages, feel free to contact us at 2147390569.

At American Mortgage Advisers, Inc, we answer questions about reverse mortgages every day. Give us a call: 2147390569.