Reverse Mortgages

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Reverse mortgages (also referred to as "home equity conversion loans") give older homeowners the ability to tap into built-up equity without selling their home. The lender pays you money determined by your home equity amount; you receive a one-time amount, a payment every month or a line of credit. The loan doesn't have to be paid back until the borrower sells the residence, moves out, or passes away. You or representative of your estate has to pay back the reverse mortgage loan, interest , and other finance charges when your property is sold, or you can no longer use it as your primary residence.

Are you Eligible?

Typically, reverse mortgages are appropriate for homeowners at least sixty-two years old, have a low or zero balance in a mortgage and maintain the property as your principal residence.

Reverse mortgages are helpful for homeowners who are retired or no longer bringing home a paycheck but need to add to their limited income. Social Security and Medicare benefits aren't affected; and the money is nontaxable. Reverse Mortgages can have adjustable or fixed interest rates. The lending institution cannot take the property away if you live past the loan term nor may you be made to sell your home to pay off your loan even if the loan balance is determined to exceed property value. If you'd like to learn more about reverse mortgages, please call us at 2148657442.

American Mortgage Advisers, Inc can answer questions about reverse mortgages and many others. Call us: 2148657442.