Is a Reverse Mortgage for You?

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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 having to sell their homes. Choosing between a monthly payment amount, a line of credit, or a lump sum, you may get a loan based on your equity. Paying back your loan is not required until when the homeowner puts his home up for sale, moves (such as into a care facility) or passes away. When your home has been sold or you no longer use it as your primary residence, you (or your estate) must pay back the lender for the money you got from your reverse mortgage as well as interest among other finance charges.

Are you Eligible?

The conditions of a reverse mortgage usually include being 62 or older, maintaining your home as your main residence, and holding a small remaining mortgage balance or having paid it off.

Many homeowners who are on a fixed income and need additional funds find reverse mortgages advantageous for their situation. Rates of interest can be fixed or adjustable while the funds are nontaxable and don't adversely affect Medicare or Social Security benefits. The home can never be in danger of being taken away by the lender or sold without your consent if you live longer than the loan term - even if the current property value creeps below the balance of the loan. Contact us at (818)645-7035 to explore your reverse mortgage options.

Selectplus Lending can walk you through the pitfalls of getting a reverse mortgage. Call us at (818)645-7035.

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