Is a Reverse Mortgage for You?
Are you looking for a new mortgage? We will be glad to help! Call us at 561-575-5626. Want to get started? Apply Now
Reverse mortgages (sometimes called "home equity conversion loans") enable older homeowners to use their built-up home equity without selling their home. The lending institution gives you funds based on your home equity amount; you get a one-time amount, a monthly payment or a line of credit. Repayment isn't necessary until after the homeowner puts his home up for sale, moves (such as into a care facility) or passes away. At the time your house has been sold or is no longer used as your main residence, you (or your estate) are required to pay back the lending institution for the money you obtained from your reverse mortgage plus interest among other finance charges.
Are you Eligible?
The conditions of a reverse mortgage typically include being 62 or older, maintaining your property as your main living place, and holding a low remaining mortgage balance or having paid it off.
Many homeowners who are on a fixed income and find themselves needing additional funds find reverse mortgages advantageous for their circumstance. Rates of interest can be fixed or adjustable and the funds are nontaxable and do not adversely affect Medicare or Social Security benefits. Your home is never at risk of being taken away by the lender or put up for sale without your consent if you live past the loan term - even if the current property value creeps below the loan balance. Call us at 561-575-5626 if you'd like to explore the advantages of reverse mortgages.