Reverse Mortgages:the Facts
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Reverse mortgages (sometimes called "home equity conversion loans") enable older homeowners to tap into home equity without having to sell their home. Deciding how you'd prefer to to receive your money: by a monthly payment amount, a line of credit, or a lump sum, you may receive a loan based on your equity. The borrowed money doesn't have to be paid back until the borrower sells his residence, moves out, or passes away. You or an estate representative is obligated to repay the reverse mortgage loan, interest accrued, and other finance charges when your home is sold, or you no longer live in it.
Who is Able to Participate?
Typically, reverse mortgages require youto be at least sixty-two years of age, have a small or zero balance in a mortgage and use the home as your principal living place.
Many homeowners who live on a fixed income and need additional funds find reverse mortgages helpful for their circumstance. Social Security and Medicare benefits are not affected; and the money is nontaxable. Reverse Mortgages can have adjustable or fixed interest rates. Your house will never be at risk of being taken away from you by the lending institution or put up for sale against your will if you outlive the loan term - even if the current property value goes under the balance of the loan. Contact us at 305-598-1600 to discuss your reverse mortgage options.
Strock & Tanner Mortgage Corp. can answer questions about reverse mortgages and many others. Give us a call at 305-598-1600.