Reverse Mortgages:the Facts

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With a reverse mortgage (also called a home equity conversion loan), homeowners of a certain age may use home equity for anything they need without having to sell their homes. Deciding how you would prefer to to receive your funds: by a monthly amount, a line of credit, or a one-time payment, you may receive a loan based on your equity. Repayment is not necessary until the time the borrower puts his home up for sale, moves (such as to a care facility) or dies. At the time you sell your home or is no longer used as your primary residence, you (or your estate) have to repay the lender for the funds you received from your reverse mortgage plus interest among other fees.

Who is Eligible?

The conditions of a reverse mortgage loan generally are being 62 or older, using the house as your primary living place, and having a small remaining mortgage balance or having paid it off.

Reverse mortgages can be advantageous for retired homeowners or those who are no longer bringing home a paycheck and need to supplement their fixed income. Rates of interest can be fixed or adjustable while the funds are nontaxable and don't adversely affect Social Security or Medicare benefits. The house is never at risk of being taken away from you by the lender or sold without your consent if you outlive the loan term - even if the property value creeps below the loan balance. If you'd like to find out more about reverse mortgages, please contact us at 2147390569.

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