Reverse Mortgages

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In a reverse mortgage (also called 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 lump sum, you can get a loan based on your equity. Paying back your loan is not required until the time the homeowner sells the property, moves (such as to a care facility) or dies. At the time you sell your property or you no longer use it as your main residence, you (or your estate) have to repay the lender for the cash you obtained from your reverse mortgage as well as interest among other finance charges.

Who is Eligible?

Usually, reverse mortgages are offered to homeowners at least 62 years of age, have a low or zero balance owed against the home and maintain the home as your principal living place.

Homeowners who are on a fixed income and find themselves needing additional funds find reverse mortgages advantageous for their circumstance. Rates of interest 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 from you by the lending institution or put up for sale against your will if you live past the loan term - even if the property value dips below the balance of the loan. If you'd like to learn more about reverse mortgages, feel free to contact us at 2148657442.

American Mortgage Advisers, Inc can answer questions about reverse mortgages and many others. Give us a call: 2148657442.