Reverse Mortgages

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With a reverse mortgage (sometimes called a home equity conversion loan), homeowners of a certain age may use home equity for living expenses without selling their homes. The lender pays you money determined by your home equity amount; you receive a lump sum, a monthly payment or a line of credit. The borrowed money doesn't have to be paid back until the homeowner sells his home, moves out, or dies. You or an estate representative has to repay the reverse mortgage funds, interest accrued, and other finance fees after your home is sold, or you no longer live in it.

Who is Able to Participate?

The conditions of a reverse mortgage loan generally are being sixty-two or older, maintaining the property as your primary living place, and having a low remaining mortgage balance or owning your home outright.

Many homeowners who live on a limited income and find themselves needing additional funds find reverse mortgages ideal for their situation. Rates of interest may be fixed or adjustable while the funds are nontaxable and do not interfere with Social Security or Medicare benefits. Your residence can never be in danger of being taken away from you by the lending institution or put up for sale without your consent if you live longer than your loan term - even if the property value creeps under the balance of the loan. Contact us at 2147390569 if you'd like to explore the advantages of reverse mortgages.

American Mortgage Advisers, Inc can walk you through the pitfalls of getting a reverse mortgage. Call us: 2147390569.