Is a Reverse Mortgage for You?

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Reverse mortgages (sometimes called "home equity conversion loans") enable older homeowners to use their equity without having to sell their home. Deciding how you'd prefer to be paid: by a monthly payment amount, a line of credit, or a one-time payment, you may receive a loan based on your home equity. Repayment is not required until when the homeowner sells the property, moves (such as to a care facility) or dies. You or representative of your estate has to repay the reverse mortgage funds, interest , and finance charges at the time your property is sold, or you are no longer living in it.

Who is Eligible?

Generally, reverse mortgages are appropriate for borrowers at least 62 years of age, have a low or zero balance in a mortgage and maintain the home as your principal living place.

Reverse mortgages are great for retired homeowners or those who are no longer working but have a need to supplement their income. Social Security and Medicare benefits are not affected; and the money is nontaxable. Reverse Mortgages may have adjustable or fixed interest rates. The lender can't take the property away if you live past the loan term nor may you be forced to sell your home to pay off the loan amount even when the balance is determined to exceed property value. Contact us at 2148657442 if you want to explore the benefits of reverse mortgages.

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