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With a reverse mortgage loan (also referred to as a a home equity conversion loan), borrowers of a certain age may use home equity for living expenses without having to sell their homes. The lender gives you money determined by your home equity amount; you receive a one-time amount, a payment each month or a line of credit. The borrowed money doesn't have to be paid back until the borrower sells the home, moves out, or dies. When you sell your property or you no longer use it as your primary residence, you (or your estate) have to pay back the lending institution for the cash you got from the reverse mortgage in addition to interest and other fees.
Who is Eligible?
The requirements of a reverse mortgage loan generally are being sixty-two or older, maintaining your house as your main residence, and holding a low balance on your mortgage or owning your home outright.
Reverse mortgages can be helpful for homeowners who are retired or no longer bringing home a paycheck and have a need to supplement their limited income. Interest rates can be fixed or adjustable and the money is nontaxable and does not interfere with Medicare or Social Security benefits. The residence is never at risk of being taken away from you by the lender or put up for sale without your consent if you live past your loan term - even if the current property value creeps below the balance of the loan. If you'd like to find out more about reverse mortgages, please contact us at 8329162260.
Amcap Mortgage Ltd can answer questions about reverse mortgages and many others. Call us at 8329162260.