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In a reverse mortgage (also called a home equity conversion loan), homeowners of a certain age may use home equity for anything they need without having to sell their homes. The lender pays you funds based on the equity you've accrued in your home; you receive a lump sum, a payment each month or a line of credit. The borrowed money doesn't have to be repaid until the borrower sells his home, moves away, or passes away. You or representative of your estate is required to pay back the reverse mortgage amount, interest accrued, and other finance fees when your home is sold, or you are no longer living in it.
Who is Eligible?
Usually, reverse mortgages require youto be at least sixty-two years old, have a small or zero balance owed against your home and maintain the property as your main residence.
Reverse mortgages are ideal for retired homeowners or those who are no longer working but must supplement their limited income. Social Security and Medicare benefits can not be affected; and the funds are not taxable. Reverse Mortgages may have adjustable or fixed rates. Your home is never in danger of being taken away by the lending institution or put up for sale without your consent if you outlive your loan term - even if the current property value dips below the loan balance. Call us at (256) 543-9211 to discuss your reverse mortgage options.
PrimeMax Mortgage Group can walk you through the pitfalls of getting a reverse mortgage. Give us a call: (256) 543-9211.
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