Reverse Mortgages:the Facts
Stay in your home and own your home without ever make another monthly mortgage payment. Remember, like any homeowner, you are still responsible for taxes, insurance and maintenance.
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Reverse mortgages (also referred to as "home equity conversion loans") enable older homeowners to use their built-up equity without selling their home. The lending institution pays you money based on the equity you've built-up in your home; you get a one-time amount, a monthly payment or a line of credit. Paying back your loan is not necessary until when the borrower puts his home up for sale, moves (such as to a care facility) or passes away. When your home sells or you no longer use it as your primary residence, you (or your estate) are required to pay back the lender for the funds you obtained from the reverse mortgage plus interest among other fees.
Are you Eligible?
The requirements of a reverse mortgage loan generally include being 62 or older, maintaining your house as your primary residence, and having a small balance on your mortgage or having paid it off.
Many homeowners who are on a fixed income and have a need for additional money find reverse mortgages advantageous for their situation. Interest rates can be fixed or adjustable while the money is nontaxable and does not interfere with Social Security or Medicare benefits. Your house is never in danger of being taken away from you by the lender or sold without your consent if you outlive your loan term - even if the current property value goes below the balance of the loan. Call us at 909-660-8333 to discuss your reverse mortgage options.
Peoples Discount Mortgage can answer questions about reverse mortgages and many others. Call us: 909-660-8333.
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