Is a Reverse Mortgage for You?

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In a reverse mortgage (sometimes called a home equity conversion loan), homeowners of a certain age may use home equity for anything they need without selling their homes. Deciding how you'd prefer to to receive your funds: by a monthly payment amount, a line of credit, or a one-time payment, you may take out a loan amount determined by your equity. The borrowed money doesn't have to be repaid until the homeowner sells his residence, moves out, or passes away. You or representative of your estate is obligated to pay back the reverse mortgage amount, interest , and finance charges when your house is sold, or you are no longer living in it.

Who is Able to Participate?

The conditions of a reverse mortgage generally include being sixty-two or older, maintaining the home as your primary living place, and holding a low balance on your mortgage or having paid it off.

Homeowners who are on a limited income and find themselves needing additional money find reverse mortgages advantageous for their situation. Interest rates may be fixed or adjustable while the funds are nontaxable and do not affect Social Security or Medicare benefits. The house is never at risk of being taken away from you by the lender or sold without your consent if you live past the loan term - even if the current property value dips below the balance of the loan. Contact us at (760) 632-7701 if you'd like to explore the benefits of reverse mortgages.

Asset Alliance Mortgage can answer questions about reverse mortgages and many others. Call us at (760) 632-7701.

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