Is a Reverse Mortgage for You?
|Looking for a loan? We'd be thrilled to discuss our mortgage offerings! Call us at 714-508-7905. Ready to begin? Apply Online Now.|
With a reverse mortgage (also called a home equity conversion loan), homeowners of a certain age may use home equity for anything they need without selling their homes. Choosing between a monthly payment amount, a line of credit, or a lump sum, you may receive a loan amount determined by your home equity. Repayment isn't required until the time the borrower sells the home, moves (such as into a care facility) or dies. You or an estate representative must repay the reverse mortgage funds, interest accrued, and finance fees after your home is sold, or you no longer live in it.
Are you Eligible?
Usually, reverse mortgages are offered to borrowers who are at least 62 years old, have a low or zero balance owed against the home and maintain the home as your main residence.
Many homeowners who are on a fixed income and find themselves needing additional funds find reverse mortgages advantageous for their situation. Social Security and Medicare benefits will not be affected; and the funds are nontaxable. Reverse Mortgages can have adjustable or fixed interest rates. Your lending institution can't take away your home if you live past the loan term nor can you be required to sell your residence to repay the loan even when the balance is determined to exceed property value. Call us at 714-508-7905 if you would like to explore the benefits of reverse mortgages.