Is a Reverse Mortgage for You?

	Searching for a loan? We will be glad to help! Give us a call today at 2147390569. Want to get started? Apply Online Now.

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. Choosing between a monthly payment amount, a line of credit, or a one-time payment, you may get a loan amount determined by your home equity. The borrowed money does not have to be repaid until the borrower sells his home, moves out, or dies. You or representative of your estate is obligated to pay back the reverse mortgage loan, interest accrued, and other finance fees when your home is sold, or you can no longer call it your primary residence.

Who is Able to Participate?

The requirements of a reverse mortgage loan generally are being 62 or older, maintaining your house as your main residence, and having a low balance on your mortgage or owning your home outright.

Homeowners who are on a fixed income and need additional money find reverse mortgages ideal for their situation. Interest rates may be fixed or adjustable and the money is nontaxable and doesn't affect Social Security or Medicare benefits. Your house is never in danger of being taken away by the lending institution or put up for sale without your consent if you live longer than the loan term - even if the current property value creeps under the balance of the loan. Contact us at 2147390569 if you want to explore the benefits of reverse mortgages.

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